Stocks To Buy Today, Nov 21: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Friday

The Nifty index saw a strong breakthrough and demonstrated the bulls' tight dominance on Thursday, closing at 26,192.15 after rising 139.50 points. The strengthening price pattern indicates that market momentum is still firmly in favor of buyers, as the index is getting closer to its all-time high. In contrast, the Nifty index maintained its positive follow-through and highlighted the overwhelming presence of buyers, rising 131.65 points to close at 59,440.10. Even while market sentiment is generally positive, volatility surged slightly, with the India VIX ending close to 12, indicating a slight rise in caution.

Nifty Outlook Today

"The Nifty has reclaimed key resistances after four weeks with a strong bullish gap, reflecting renewed confidence ahead of the monthly expiry. The index's steady trades above the 10-DEMA signal accelerating bullish momentum, while the conversion of previous resistance levels into strong support continues to bolster the long-term optimistic view," commented Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

"With put writers aggressively adding positions near current levels and call writers shifting to higher strikes, the trend remains upward-biased, and dips may continue to be absorbed. A clear breakout above 26,300 could unleash the next leg of the rally, whereas only a sustained move below 25,800 may trigger short-term weakness. Until key supports are breached, traders are advised to favour a buy-on-declines strategy," Dhupesh Dhameja added.

Bank Nifty Outlook Today

"The Nifty Bank index has been consistently registering fresh all-time highs, supported by strength across both private and public sector banks. Ahead of monthly expiry, the index continues to display strong momentum, with every minor decline encountering renewed buying. The index's sustained position above the 10-DEMA reinforces the bullish structure, while the shift of previous resistance zones into reliable supports strengthens the long-term positive narrative," commented Dhupesh Dhameja.

"With put writers increasing exposure at near-the-money strikes and call writers migrating to higher levels, the trend remains firmly upward-biased, making dips attractive for accumulation. A breakout above 59,500 could trigger the next leg of the rally, whereas only a sustained move below 59,000 may introduce short-lived weakness. As long as key supports remain intact, traders are likely to favour a buy-on-declines approach," he further added.

Stocks To Buy Today

Technical analyst Riyank Arora of Mehta Equities Ltd. recommended buying two stocks on Friday, November 21, following the Nifty index continues to remain above its 10-day and 20-day exponential moving averages, which have continuously served as dynamic support.

OLA Electric

Buy | CMP: Rs 41.85 | SL: Rs 39.50 | Target: Rs 44.20 / Rs 46.00

OLA Electric is stabilizing after a mild corrective phase and showing signs of bottom formation. The price is holding above ₹40 support, which has acted as a cushion in recent sessions. Momentum is picking up slowly. A sustained move above ₹42 could trigger a move toward ₹44.20 and ₹46.00. SL at ₹39.50.

Jayneco Industries

Buy | CMP: Rs 75.51 | SL: Rs 72 | Target: Rs 78.50 / Rs 81

Jayneco is displaying steady strength with a constructive price structure. The stock is trading above its short-term averages, and RSI remains in the positive zone, indicating continuation strength. A push above ₹76 may open upside toward ₹78.50 and ₹81. SL at ₹72.

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