Stocks To Buy Today, Sept 17: Top Picks By Riyank Arora of Mehta Equities For Profitable Trading On Wednesday

Tuesday saw the Nifty index make a clear breakout, finishing close to its eight-week high and solidly moving its main trend in the direction of bullishness. Nifty extended its winning run with a strong rise, closing the session at 25,239.10, up 169.90 points, or 0.68%. Nifty Bank continued its upward trajectory, closing the session at 55,147.60, up 0.47%. On Tuesday, the Nifty Bank index made a clear breach over the critical 55,000 barrier and held steady above it. With muted readings suggesting stabilization rather than panic-driven moves, the India VIX fell 1.20% to 10.27.

Nifty Outlook Today

"Nifty's breakout above its previous swing high, coupled with its advance to an eight-week peak, strengthens the case for sustained upside momentum. With call writers shifting towards higher strikes and Put writers building positions near at-the-money levels, the setup points toward a continuation of bullish traction. As long as the index sustains above 25,200, dips into the 25,100-25,000 zone are likely to attract buyers. On the upside, a sustained move beyond 25,330 could pave the way for 25,500. Until then, the broader view remains firmly bullish, with buy-on-dips strategies favored as long as the 25,000 base holds intact," commented Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

Bank Nifty Outlook Today

"The Nifty Bank index has firmly cleared its crucial resistance of 55,000 while maintaining a higher high-higher low formation for two consecutive weeks. Notably, significant call writing has shifted to higher out-of-the-money strikes, while fresh put additions at near-the-money levels increase the probability of continued bullish momentum," said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

"With the index closing comfortably above 55,000 despite intermittent profit booking, dips towards 54,700-54,500 are likely to attract buying interest as accumulation zones. On the upside, a sustained move above 55,250 could open the path toward 55,500. Until then, buy-on-dips remains the preferred strategy as long as the 54,000 base stays intact," Dhupesh Dhameja further added.

Stocks To Buy Today

On Wednesday, September 17, Mehta Equities Ltd. technical analyst Riyank Arora suggested purchasing the stocks listed below.

Hyundai Motor

Buy | CMP: Rs 2608 | Stop-loss: Rs 2550 | Target: Rs 2725

Hyundai Motor is consolidating near 2608, supported by strong base buying. Sustaining above 2550 could trigger fresh momentum, with upside potential towards 2725. The intraday structure looks positive, making it favorable for short-term trades.

Mannapuram Finance

Buy | CMP: Rs 297 | Stop-loss: Rs 285 | Target: Rs 320

Mannapuram Finance is trading with bullish bias near 297, holding strong support at 285. A sustained move higher can drive prices towards 320. Improving momentum and steady buying interest suggest favorable risk-reward for intraday traders.

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