Jay Thakkar Recommends 3 Stocks for F&O Segment in Short-Term Trading

Market Update: Indian Stock Market Sees Decline Amid Global Uncertainty

Market Performance The Indian stock market experienced a decline on Wednesday, with the Nifty 50 falling by 1.04% to 24,010.75 at 11:46 IST, and the BSE Sensex declining by 1.17% to 77,290.95. The initial trading session displayed minimal changes, but the market eventually succumbed to global influences, particularly fluctuations in crude oil prices and developments in the Middle East.

Market Outlook Market analysts attribute the decline to worldwide influences, including the ongoing conflict in the Middle East and its potential impact on inflation and economic growth. The United States and Israel have conducted airstrikes on Iran, leading to increased uncertainty.

Key Indicators The India VIX has fallen by 19% to 18.85 levels, indicating a positive sign in the near term. The IVP and IVR have reached 99 levels, signifying oversold readings, and the Volatility Spike Ratio has hit 1.6 levels, an extreme level that often leads to a market bounceback of at least 5%.

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Stock Recommendations Jay Thakkar, Vice President & Head of Derivatives and Quant Research at ICICI Securities, recommends the following stocks for the near term:

• Aurobindo Pharma Futures: Buy in the range of ₹1,280-1,300 with a stop loss below ₹1,230 and targets of ₹1,370-1,400.
• SRF Futures: Buy in the range of ₹2,600-2,620 with a stop loss of ₹2,545 and targets of ₹2,720 and ₹2,760.
• Asian Paints Futures: Buy in the range of ₹2,290-2,300 with a stop loss below ₹2,250 and targets of ₹2,400-2,450.

These stocks have formed bullish patterns, indicating a potential bounceback, and have favorable risk-reward ratios for the bulls.