While setting aside Hyderabad police's order denying permission for the meeting, the court said the same may be held from 2 to 5 p.m.
Justice N. Rammohan Rao directed the organisers to give a written undertaking to police that no provocative speech would be made at the meeting.
The court passed the orders on a petition filed by YSR Congress general secretary K. Shiva Kumar, challenging the police action.
The police had denied permission for the meeting on the ground that it may create a law and order problem.
While noting that various groups of pro-Telangana supporters are opposed to the meeting, the police said that anti-social elements may indulge in violence.
The police order came after the high court left the decision to it when the YSR Congress first approached the court early this month.
This will be the first public meeting by any political party in Hyderabad to oppose the central government's decision to carve out a separate Telangana state.
It will also be the first meeting to be addressed by YSR Congress president Y.S. Jaganmohan Reddy since his release from jail Sep 24.