Mankind Pharma, CG Power Among Jay Thakkar's F&O Picks for Short-Term Trades
Indian Stock Market Sees Positive Start on Wednesday
The GIFT Nifty, a key benchmark for the Indian stock market, began the day on a positive note, trading at 24,279 as of 8:18 AM. This represents a premium of 172.7 points over the previous close of Nifty futures at 24,106.30.
In contrast to the previous session, when the benchmark indices BSE Sensex and Nifty 50 ended in the red, the broader markets showed resilience. The BSE Midcap index rose 0.15%, while the BSE Smallcap index gained 0.20%. This indicates continued strength in the broader market segment, despite profit booking in key banking and financial stocks.
The 30-share Sensex declined 252 points, or 0.33%, to settle at 77,017.79, while the Nifty 50 fell 87 points, or 0.36%, to close at 24,032.80.
Market analysts are cautious about the outlook, citing rising international crude oil prices and a weakening USDINR. According to Jay Thakkar, Vice President & Head of Derivatives and Quant Research at ICICI Securities, the Nifty 50 has been trading within the 23,800-24,300 range for the past few days, with the range narrowing each day. In contrast, the BankNifty has been struggling to bounce back and is forming lower tops and bottoms.
| Index | Previous Close | Current Trade |
|---|---|---|
| BSE Sensex | 77,270.31 | 77,017.79 (-252 points) |
| Nifty 50 | 24,119.60 | 24,032.80 (-87 points) |
| BSE Midcap | N/A | 24,279.15 (+0.15%) |
| BSE Smallcap | N/A | 24,279.15 (+0.20%) |
Thakkar notes that if geopolitical tensions ease, both the Nifty 50 and BankNifty are likely to rise. However, if tensions persist, the sideways-to-negative trend will continue. The support and resistance levels for Nifty 50 are 24,300 and 23,300, respectively.
For the near-term, Jay Thakkar recommends the following stocks:
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- Mankind Pharma Futures: Buy in the range of ₹2,330-2,340, with a stop loss below ₹2,290 and targets of ₹2,400-2,450.
- CG Power and Industrial Solutions Futures: Buy in the range of ₹830-832, with a stop loss below ₹820 and targets of ₹860-875.
- ABB India Futures: Buy in the range of ₹7,320-7,340, with a stop loss below ₹7,250 and targets of ₹7,500-7,600.
Investor Takeaway
Investors should focus on short-term trades in the Indian stock market.
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