Stocks To Buy Today, Dec 29: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Monday

With the Nifty closing at 26,042.30 and the Sensex closing at 85,041 owing to an array of domestic macroeconomic data and global cues, markets ended the previous week, truncated by the holiday period, with modest gains, prolonging the existing recovery trend. This week marks the start of the calendar year 2026 amid the December F&O expiry, and focus will continue to be on November Industrial Production data, government budget value data, final HSBC Manufacturing PMI reading and Foreign Institutional Investors (FIIs) trend in the last week of 2025.

Nifty Outlook Today

"Nifty remains devoid of a clear directional bias, firmly entrenched within its broader trading band. Declines are consistently being absorbed near support zones, while rallies are facing rejection near the breakout neckline, highlighting an ongoing consolidation phase. This persistent tug of war indicates that buyers are preventing sharp corrective moves, even as sellers continue to cap upside potential in the 26,200-26,250 resistance zone," commented Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

"On the downside, the 26,000-25,900 region has emerged as a crucial demand area and will be key to maintaining short-term stability. Aggressive option writing near at-the-money strikes by both sides suggests heightened uncertainty and a lack of conviction regarding the next directional move. A decisive breakout and sustained close above 26,250 could trigger a short-covering rally, potentially pushing the index towards fresh all-time highs near the 26,400 zone. Conversely, dips towards 25,900 are likely to attract buying interest, keeping the broader range-bound structure intact in the near term," Dhupesh Dhameja added.

Bank Nifty Outlook Today

"Nifty Bank continues to face selling pressure on every recovery attempt, keeping the near-term structure fragile. The broader setup remains vulnerable amid an extended consolidation phase, with sellers actively defending the 59,500-59,700 resistance band. On the downside, the 58,700-58,800 zone has emerged as a key demand area and will be pivotal in maintaining short-term stability," stated Dhupesh Dhameja.

"The heavy concentration of call writing near at-the-money strikes, alongside the gradual migration of put positions to lower levels, reinforces the prevailing sideways-to-negative bias. A decisive and sustained close above 59,500 could rekindle bullish momentum and open the path toward the 60,100 zone. Conversely, a breakdown below 58,800 may weaken the structure, invite fresh selling pressure, and pull the index toward the 58,500 level-thereby extending the ongoing consolidation phase," the analyst further added.

Stocks To Buy Today

Technical analyst Riyank Arora of Mehta Equities Ltd. recommended buying two stocks on Monday, December 29, after the Nifty developed an inverted hammer on the weekly period and closed the previous week with a gain of 0.29%, indicating that the broader trend is still in place.

Cipla

Buy | CMP: Rs 1,506 | SL: Rs 1,470 | Target: Rs 1,550 / Rs 1,580

Cipla is maintaining a positive price structure, holding above key moving averages. The stock is witnessing consistent buying on dips, indicating accumulation. RSI is trending upward, supporting further upside. A sustained move above ₹1,515 may push the stock toward ₹1,550 and ₹1,580. Place a stop-loss at ₹1,470.

NTPC

Buy | CMP: Rs 324.10 | SL: Rs 312 | Target: Rs 335 / Rs 350

NTPC continues to trade in a steady uptrend with strong support near ₹312. The stock has formed a higher-base pattern, signalling trend continuation. Momentum indicators remain stable and positive. A move above ₹326 could open the path toward ₹335 and ₹350. Maintain SL at ₹312.

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