Stocks To Buy Today, Dec 24: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Wednesday

On Tuesday, Nifty Bank ended the session slightly down, falling 4.45 points to close at 59,299.55, while the Nifty index remained mostly range-bound and concluded almost flat, ending slightly higher by 4.75 points at 26,177.15. With the India VIX falling 3.07 percent to 9.377, volatility further sank, indicating a downturn in market uncertainty.

Nifty Outlook Today

"Technically, on the daily chart, Nifty formed a small red candle with shadows on either side, reflecting uncertainty. The next major hurdle for the index is placed in the 26,250-26,325 zone, while immediate support has now shifted to the 26,050 level. Short-term traders are advised to book profits on a bounce near 26,250-26,325, while waiting for a fresh breakout above the 26,325 level," commented Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Intermediates Ltd.

Bank Nifty Outlook Today

"Technically, on the daily chart, the Bank Nifty index has formed a small red candle, with shadows on either side, reflecting uncertainty. The next resistance for the index is placed near 59,550, and a sustainable break above 59,550 could pave the way for a move towards the 59,800-60,000 levels.", according to Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Interrmediates Ltd," stated Hrishikesh Yedve.

Stocks To Buy Today

On Wednesday, December 24, technical analyst Riyank Arora of Mehta Equities Ltd. recommended buying two stocks, considering that the Nifty is still trading above its 10-day and 20-day exponential moving averages, highlighting adequate downside protection.

RailTel Corporation

Buy | CMP: Rs 358.70 | SL: Rs 342 | Target: Rs 375 / Rs 390

RailTel is trading in a strong uptrend with consistent follow-through buying. The stock is holding comfortably above its support near ₹342, reflecting strong demand. RSI remains in a bullish range, supporting trend continuation. A breakout above ₹365 can lead to a rally toward ₹375 and ₹390. Keep SL at ₹342.

Apollo Micro Systems

Buy | CMP: Rs 262.25 | SL: Rs 250 | Target: Rs 275 / Rs 285

Apollo Micro Systems is showing renewed strength after a sharp rebound from its support zone. Price action indicates accumulation, and the stock is forming a higher-base pattern. RSI is turning upward, signalling improving momentum. A move above ₹265 may trigger upside toward ₹275 and ₹285. Traders can consider longs with SL at ₹250.

Disclaimer: The views and recommendations expressed are solely those of the individual analysts or entities and do not reflect the views of Goodreturns.in or Greynium Information Technologies Private Limited (together referred to as "we"). We do not guarantee, endorse or take responsibility for the accuracy, completeness or reliability of any content, nor do we provide any investment advice or solicit the purchase or sale of securities. All information is provided for informational and educational purposes only and should be independently verified from licensed financial advisors before making any investment decisions.

Credit: Goodreturns