CDSL to NALCO: Jay Thakkar Identifies Key Stocks for Short-term F&O Trades
Market Update
Domestic Benchmark Indices Rise for Third Consecutive Session
On Wednesday, the Nifty 50 and BSE Sensex continued their upward trend, driven by a recovery in information technology stocks and overall gains in Asia as oil prices declined. As of 11:41 IST, the Nifty 50 increased by 0.98% to reach 23,812.30, while the BSE Sensex rose by 1.03% to 76,857.38. Both indices have gained approximately 2.5% each this week, but remain about 6% lower for the month.
Market Outlook
According to Jay Thakkar, Vice President & Head of Derivatives and Quant Research at ICICI Securities, the Nifty 50 has closed in the positive territory for the second consecutive day, indicating a positive sign in the near term. The India VIX fell by 8.40% and closed below 20 levels, which is also a positive sign. The IVR and IVP are still at extremes, indicating that there is much more room for the VIX to correct.
Stock Recommendations
Jay Thakkar recommends the following stocks for short-term gains:
- Central Depository Services Ltd (CDSL) Futures in the range of ₹1,200-1,210 with a stop loss below ₹1,160 and targets at ₹1,280-1,320.
- REC Ltd Futures in the range of ₹335-338 with a stop loss below ₹325 and targets at ₹355-365.
- National Aluminium Company Ltd (NALCO) Futures in the range of ₹390-400 with a stop loss below ₹375 and targets at ₹425 to 440.
Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data
Investor Takeaway
Investors should be cautious of the impact of rising crude oil prices on the market.
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