Hindustan Zinc to Bharti Airtel- Jay Thakkar suggests three stocks to buy or sell for short-term in F&O segment

Stock market today: Indian stocks maintained their early gains on Wednesday, following the central bank's decision to keep interest rates unchanged as anticipated, while bank shares increased due to relaxed rules on acquisition lending.

The central bank opted for a rate pause for the second consecutive policy meeting, having implemented a 100 basis point rate reduction in the first half of 2025, as it monitored the effects of these frontloaded rate cuts and tax reductions amid ongoing trade concerns.

As of 11:46 IST, the Nifty 50 had risen by 0.68% to reach 24,777 . 95, and the Sensex climbed by 0.52% to 80,687.77.

Market Outlook by Jay Thakkar, Vice President & Head of Derivatives and Quant Research, ICICI Securities

Nifty 50

Nifty 50 has fallen for 8 consecutive days and now it has been consolidating near 24,600 levels since past 2 trading sessions, so there is a possibility of a bounce back due to short covering. On 01/10/2025, there is RBI Monetary policy and if the policy is positive then there is a possibility of some bounce back due to short covering mainly in Nifty Private Sector Banks. The Nifty PSU Banks are already outperforming the Private sector banks; however, the weightage of the PSU Banks isn’t much, hence it could not lead to any bounce in the BankNifty.

Now, the overall trend has been reversed from up to down with 25,000 as a short-term hurdle whereas 25,200 is the medium-term hurdle and until these levels are not taken off the probability of a downward breakout below 24,400 is higher and the ultimate short-term target is 24,200 levels. So, sell on rise until 25,200 levels are not taken off is the medium-term strategy, however, within this downtrend there can be short term bounces due to short covering and there can be few sectors like Auto and PSU Banks which can outperform the other Indices.

Stocks To Buy in the near-term - Jay Thakkar

Jay Thakkar of ICICI Securities recommends Hindustan Zinc October Futures, Bank of Baroda October Futures, and Bharti Airtel October Futures.

Buy Hindustan Zinc October futures in the range of ₹482-487 stop loss of ₹468 Targets: ₹502 and ₹515

Hindustan Zinc share price has provided a range breakout on the upside with long build up which is a positive sign in the near term. The stock had witnessed the correction on account of profit booking, however, with a fresh breakout the stock is likely to trade with a positive bias in the near term. For the October series, the highest call base is at 500 levels whereas 470 to 450 strikes have witnessed call unwinding, hence this range will act as a support going forward. The stock is also trading well above its max pain level of 470.

Buy Bank of Baroda October futures in the range of ₹257-262 stop loss: ₹248 Targets: ₹271 and ₹280

Bank of Baroda share price has also provided a breakout from the range on the higher side and with that the stock has also witnessed long build up which is positive in the near term. Earlier the stock has witnessed some correction and consolidation on account of long unwinding i.e. profit booking but now with this breakout it has witnessed long build up. The strike 260 has the highest call base, however, the strikes 240 to 260 have witnessed significant put additions which is a positive sign in the near term as this will act as a support range. The stock is just trading above its max pain level of 255.

Sell Bharti Airtel October futures in the range of ₹1,900-1,885 stop loss: ₹1,950 targets: ₹1,825 and ₹1,790

Bharti Airtel share price seems to have reversed its short-term trend from up to down has the price has been declining with OI going up indicating some short build up in the near term and this is a negative sign for the stock in the near term. Now, until 1,950 levels are not taken off the recent breakdown is a continuation of a downtrend which can take the stock near to 1,800 levels. The strike 1,900 has the highest call and put bases, however, above 1,900 strike there is huge call writing seen until 2,000 and with that the overall trend appears absolutely negative in the near term at least for retracement or correction of the previous uptrend. The stock has slipped below its max pain level of 1,900 which is also negative.

Disclaimer: The Research Analyst or his relatives or I-Sec do not have actual/beneficial ownership of 1% or more securities of the subject company, at the end of 30/09/2025 or have no other financial interest and do not have any material conflict of interest.

The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.