Hindustan Zinc to Grasim: Jay Thakkar Identifies 3 Short-Term Trading Recommendations in F&O Segment

Indian Equities Plunge Amid Escalating Tensions in the Gulf

The Indian stock market opened lower on Wednesday, with investors remaining cautious due to escalating tensions in the Gulf and uncertainty surrounding a potential US-Iran peace agreement. The developments have heightened concerns about potential disruptions to global energy supplies, leading to rising crude oil prices and continued foreign fund outflows.

The Nifty 50 slipped 0.29% to 23,415.95, while the Sensex declined 0.22% to 74,484.68 in early trade. Brent crude oil prices rose by around 1% to $97 per barrel, extending recent gains amid heightened geopolitical tensions.

Market experts have warned that elevated oil prices, persistent foreign portfolio investor (FPI) selling, and geopolitical uncertainty are likely to keep domestic equities under pressure in the near term. According to Jay Thakkar, Vice President & Head of Derivatives and Quant Research at ICICI Securities, the Nifty 50 may trade with a sideways bias until it breaks out of the range of 23,800-23,000.

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Jay Thakkar recommends buying Tata Elxsi Futures in the range of ₹4,490-₹4,500, with a stop loss below ₹4,380. The target price for Tata Elxsi is ₹4,700-₹4,780. He also recommends buying Grasim Industries Futures in the range of ₹3,100-₹3,120, with a stop loss below ₹3,030. The target price for Grasim is ₹3,250-₹3,350.

On the other hand, Jay Thakkar recommends selling Hindustan Zinc Futures on a rise near ₹635-₹640, with a stop loss above ₹655. The target price for Hindustan Zinc is ₹610-₹600.

Overall, the market remains cautious, and investors are advised to adopt a buy-on-dips strategy until the Nifty 50 breaks out of the range of 23,800-23,000.

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