Stocks To Buy Today, Nov 6: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Thursday

The Bank Nifty index maintained its muted tone during the previous session, closing 274.40 points lower at 57,827.05, marking yet another session below the previous day's low, while the Nifty index continued its downward trajectory, closing 165.70 points lower at 25,597.65. The current Q2 earnings season will determine the direction of the market in the near future. Key results from LIC, Cholamandalam Investment and Finance Company, Zydus Lifesciences, Bajaj Housing Finance, NHPC, and other companies will be announced on Thursday.

Nifty Outlook Today

"The index continues to struggle for stability as every minor bounce has been met with renewed selling, confirming a weak technical setup. The breakdown from the double-top formation has shifted support levels into potential resistance zones. With call writers dominating at higher strikes, the prevailing structure suggests sellers remain active on rallies, keeping the near-term outlook subdued," commented Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

"A decisive breakout above 25,900 would be crucial to revive bullish sentiment. Until then, the market bias remains bearish to neutral, and a breach below 25,520 could trigger further downside. Traders are advised to follow a sell-on-rise approach, focusing on shorting opportunities near resistance levels while maintaining a cautious trading stance in the near term," the analyst further added.

Bank Nifty Outlook Today

"Despite demonstrating resilience, Nifty Bank continues to face difficulty sustaining bullish momentum, as persistent selling at higher levels suggests a pause in the ongoing uptrend. With call writers aggressively defending upper strikes, buyers appear reluctant to chase rallies, while sellers capitalize on every upward move to initiate fresh short positions," said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

"A decisive breakout above 58,300 would be essential to revive positive momentum and confirm a potential resumption of the uptrend. Conversely, a follow-through decline below 57,600 could trigger further weakness, validating a short-term breakdown. Until the index decisively breaches its key resistance, the broader setup remains neutral to mildly bearish. Traders are advised to adopt a sell-on-rise strategy, focusing on shorting opportunities near resistance zones while maintaining a measured and cautious stance amid the prevailing range-bound structure," he further recommended.

Stocks To Buy Today

Technical analyst Riyank Arora of Mehta Equities Ltd. advised purchasing two stocks on Thursday, November 6, after the Nifty's decline below the 23.6% Fibonacci retracement and its inching toward the 38.2% retracement, which lies around the 25,500 mark.

Vascon Engineers

Buy | CMP: Rs 68.54 | SL: Rs 65 | Target: Rs 75 / Rs 80

Vascon Engineers has shown a sharp recovery from recent lows, supported by consistent volume build-up. The stock is forming a higher low pattern on the daily chart, suggesting the start of a fresh uptrend. Holding above ₹68.50 could fuel a move toward ₹75 and ₹80. Traders may buy on dips with a protective stop-loss at ₹65.

Laurus Labs

Buy | CMP: Rs 983 | SL: Rs 950 | Target: Rs 1,040 / Rs 1,080

Laurus Labs continues to strengthen after a healthy consolidation phase. The stock has regained momentum with improved RSI and volume activity, signaling renewed accumulation. A close above ₹985 could trigger a breakout toward ₹1,040 and ₹1,080. Traders can maintain a stop-loss at ₹950 to safeguard against volatility.

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