Mphasis, Glenmark Among Stocks Recommended by Jay Thakkar for Short-Term Trade in F&O Segment

Indian Stock Market Opens on a Subdued Note

The Indian stock market is expected to open on a cautious note on Wednesday, with the Gift Nifty indicating a muted sentiment. As of 7:50 AM, the Gift Nifty was trading near 23,882, approximately 97 points below the previous close of Nifty futures at 23,978.90.

This subdued indication follows benchmark indices ending lower on Tuesday, snapping a two-day winning streak amid profit-taking, weak global cues, and a rebound in crude oil prices. The BSE Sensex fell 479 points, or 0.63%, to 76,009.70, while the Nifty 50 declined 118 points, or 0.49%, to 23,913.70. However, broader markets continued to outperform, with the BSE 150 Midcap Index gaining 0.33% and the BSE 250 Smallcap Index advancing 0.21%.

As a result, the total market capitalisation of BSE-listed companies remained largely steady at around ₹469 lakh crore. Market sentiment remained cautious amid ongoing uncertainty surrounding a potential US-Iran peace agreement. Fresh reports of US military operations in southern Iran pushed crude oil prices higher, raising concerns over inflation, India's import bill, and the rupee's stability.

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Market Outlook

According to Jay Thakkar, Vice President & Head of Derivatives and Quant Research at ICICI Securities, the Nifty 50 closed in the negative territory on the day of the monthly expiry and also closed well below the 24,000 levels, which is not a good sign in the immediate term. Thakkar recommends the following stocks for the near-term:

Thakkar suggests buying Mphasis Futures in the range of ₹2,290-2,310 with a stop loss below ₹2,230, and targets of ₹2,420-2,480. He also recommends buying Glenmark Pharmaceuticals Futures in the range of ₹2,360-2,380 with a stop loss below ₹2,320, and targets of ₹2,480-2,520. Additionally, Thakkar suggests buying Ambuja Cements Futures in the range of ₹445-448 with a stop loss below ₹434, and targets of ₹465-475.

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Market Sentiment

The India VIX has again closed above 16 levels, indicating a risk-averse market environment. However, a close below 16 will lead to a shift in the range on the lower side to 16-13, and until that happens, there is always a chance of a bounce back in it from the current levels, which can get the Index back into the downtrend.