Stocks to buy or sell for short-term: Jay Thakkar of ICICI Sec suggests these three shares in F&O segment
1 month ago

Stocks to buy or sell for short-term: Jay Thakkar of ICICI Sec suggests these three shares in F&O segment

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Stock Market News: The primary stock indices in India, Nifty 50 and Sensex, rose on Wednesday, driven by gains in major financial stocks, which offset the decline in pharmaceutical shares due to US President Donald Trump's tariff warnings. Market Outlook by Jay Thakkar, Vice President & Head of Derivatives and Quant Research, ICICI Securities Nifty 50 has been taking support at 22,800 levels on a closing basis and this has led to a formation of put base at lower levels near 22,600/22,700 levels, hence the downside for this weekly expiry looks les rather it increases the probability of a bounce back at least until 23,300 which has witnessed aggressive call writing and above those 23,500 levels. Stocks To Buy in the near-term - Jay Thakkar Buy NTPC Futures at CMP: ₹ 314.50; Stop Loss: ₹ 306; Targets: ₹ 325 and ₹ 335 NTPC had witnessed huge shorts in the previous fall and thereafter the futures OI has decreased by more than 30% but the prices were yet to bounce back. The highest call OI is at 315 and its also trading at its 30 day VWAP level, so above 315 the upward momentum will increase leading to further short covering in the stock Buy Berger Paints Futures at CMP: ₹ 490; Stop Loss: ₹ 476; Targets: ₹ 505 and ₹ 515 The stock has witnessed increase in OI by more than 13% in the last trading session with an increase in Price which is a case of long built up. Overall, the Nifty Metal Index is now outperforming the Nifty 50 in the recent fall, hence the stock is likely to bounce back from the current levels.The stock has also witnessed put base forming from 105 to 100 levels and on the upside there is highest call OI at 115 which when taken off will lead to further upward momentum.

History of this topic

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