Stocks To Buy Today, Dec 17: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Wednesday

The Nifty saw a decline from recent highs and failed to hold around the upper Bollinger Band, ending the previous session at 25,860.10, down 0.64%. Tuesday's session saw Nifty Bank close to the lower end of the day's range at 59,034.60, down 0.72%. As caution prevailed amid sustained FII selling and the rupee plummeting to fresh record lows, volatility remained muted, with the India VIX declining by 1.83 percent to 10.06, showing ongoing market optimism and predictions of range-bound behavior.

Nifty Outlook Today

"Nifty has slipped below the 9-EMA, which is positioned near 26,000, indicating a shift toward a short-term downward trend. The index has also fallen below the middle Bollinger Band. A bearish candle formed during the session, showing selling pressure during intraday as well. The RSI has cooled to 47, slipping below the neutral mark and confirming waning momentum," said Om Mehra, Technical Research Analyst, SAMCO Securities.

"The indicator is now trending lower without any visible positive divergence, indicating that upside traction has weakened in the near term. The MACD has moved deeper into the negative zone, with the histogram expanding marginally on the downside. On the downside, 25,720 emerges as the next support zone. A decisive close below this level may expose 25,650-25,600, where the Supertrend is placed. On the higher side, 26,000-26,050 now acts as an important resistance band, and only a sustained close above this zone would revive bullish momentum," he added.

"Overall, the near-term outlook has shifted from a buy-on-dips approach to a range-bound to mildly cautious stance, and to stay selective and wait for clearer directional confirmation," Om Mehra further stated.

Bank Nifty Outlook Today

"The broader trend support remains intact, as the Supertrend is placed at 58,350, which acts as an important medium-term cushion. The RSI is placed at 51, slipping toward the neutral mark. The MACD remains above the zero line, but the histogram has turned negative, suggesting weakening momentum in the near term," Om Mehra commented.

"On the downside, the immediate support zone remains at 58,800 to 58,700, aligned with the lower Bollinger Band. A close below these levels may open the window toward 58,500. On the higher side, 59,300 remains the first hurdle, and a sustained close above 59,300 to 59,350 would be required to regain a bullish trend," he added.

"Unless Nifty Bank reclaims and holds above 59,300 on a closing basis, the near-term tone remains range-bound with a mildly cautious outlook. However, the index may oscillate within the broader 58,700 to 59,300 band in the next session," Om Mehra further stated.

Stocks To Buy Today

On Wednesday, December 17, technical analyst Riyank Arora of Mehta Equities Ltd. recommended buying two stocks amid the Indian rupee's severe decline, which surpassed the 91 mark, and the ongoing outflows of foreign investors.

Exicom

Buy | CMP: Rs 123 | SL: Rs 115 | Target: Rs 132 / Rs 138

Exicom is witnessing renewed buying interest after holding its support around ₹115. The stock has formed a higher-low pattern and is trading above short-term averages. Momentum indicators show early bullish signals, supporting further upside. A move above ₹125 could open the path toward ₹132 and ₹138. Traders can consider longs with a stop-loss at ₹115.

Zaggle

Buy | CMP: Rs 362 | SL: Rs 345 | Target: Rs 380 / Rs 400

Zaggle is maintaining a positive structure with steady accumulation visible on dips. The stock is trading comfortably above its key support near ₹345 and continues to form higher lows. RSI remains in a positive zone, indicating continuation of momentum. A sustained move above ₹365 can push the stock toward ₹380 and ₹400. SL placed at ₹345.

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