Eternal to IOC: Expert Recommendations for Short-Term Trading in F&O Segment

Market Update, March 25

The domestic stock markets continued their upward trend on Wednesday, driven by growing investor optimism following news of a possible ceasefire between the United States and Iran. The Nifty 50 index rose by 2.07% to 23,386.65, while the BSE Sensex gained 2% to 75,570.85.

Despite ongoing volatility due to geopolitical uncertainty, investors remained cautiously optimistic. Crude oil prices showed signs of decreasing, with Brent crude falling by 4.78% to USD 99 per barrel, providing relief to global markets. In the commodities market, gold values rebounded by 3.37% to ₹143,600 per 10 grams of 24-karat gold, while silver values rose by 4.82% to ₹234,542 per kilogram.

Positive global indicators were evident, with US futures and Asian markets advancing on hopeful speculation regarding a potential month-long ceasefire. The India VIX has fallen from 27 to 25 levels, indicating a short-term relief.

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Market Outlook

According to Jay Thakkar, Vice President & Head of Derivatives and Quant Research at ICICI Securities, the Nifty 50 range is 22,450-23,500 until the gap area on the upside is filled. The index has closed in the positive territory in the last trading session, but failed to close above 23,000 levels, indicating supply pressure at higher levels.

Stock Recommendations

Jay Thakkar recommends buying the following stocks in the near-term:

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• Eternal Futures in the range of ₹235-240 with a stop loss below ₹225 and targets of ₹265-275.
• HCL Technologies Futures in the range of ₹1,370-1,380 with a stop loss below ₹1,340 and targets of ₹1,420-1,450.
• Indian Oil Corporation (IOC) Futures in the range of ₹136-140 with a stop loss below ₹130 and targets of ₹150 and ₹156.