Hindustan Zinc to Grasim - Jay Thakkar suggests 3 stocks to buy or sell for short-term in F&O segment

Stock market today: Indian equity benchmarks opened lower on Wednesday as investors remained cautious amid escalating tensions in the Gulf and uncertainty surrounding a potential US-Iran peace agreement. Rising crude oil prices and continued foreign fund outflows further dampened market sentiment.

Fresh hostilities in the region added to risk aversion after the US military said Iranian missile attacks targeting Bahrain, Kuwait and other regional locations were either intercepted or failed. The developments underscored the lack of progress in diplomatic efforts between Washington and Tehran.

Reflecting the cautious mood, the Nifty 50 slipped 0.29% to 23,415.95, while the Sensex declined 0.22% to 74,484.68 in early trade.

Meanwhile, Brent crude oil prices rose by around 1% to $97 per barrel, extending recent gains amid heightened geopolitical tensions that have heightened concerns about potential disruptions to global energy supplies.

Market experts said elevated oil prices, persistent foreign portfolio investor (FPI) selling and geopolitical uncertainty are likely to keep domestic equities under pressure in the near term.

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

Nifty 50

Nifty 50 did bounce back in the last trading session on the weekly expiry of Nifty 50; however, it could not manage to close above the 23,550 levels, which is a key resistance on an immediate basis, as the 23,500 strike had the highest call base, so a close one strike above the same increases the upside probability.

On the downside, the gap around 23,150 is immediate support, and below that, 23,000 is a very strong support. In this series, the 23,000 strike has the highest cumulative put. Overall, the crude oil prices are below their recent peak, the USDINR has appreciated in the recent days as well as the India VIX as well has been trading quite well below 20 levels and the FII net short in the Index futures is also quite oversold , hence the downside risk below 23,000 is less likely on an immediate basis, whereas, a breakout above 23,700-23,800 levels will confirm the higher possibility of short covering.

Until there is a breakout from the range of 23,800-23,000, the market may trade with a sideways bias; however, with a recent reversal in the Nifty IT sector,there is a high possibility that the overall market may breakout on the upside once this correction is over.

Stocks To Buy in the near-term - Jay Thakkar

Jay Thakkar of ICICI Securities recommends Tata Elxsi Futures, Grasim Industries Futures, and Hindustan Zinc Futures.

Buy Tata Elxsi Futures in the range of ₹4,490-4,500; stop loss below ₹4,380; Targets ₹4,700-4,780

Tata Elxsi seems to have formed a double bottom, and prices have started to form higher tops and bottoms as OI decreases, indicating short covering to continue going forward. As per the options data, 4,500 is an immediate resistance, as there is the highest call base at that level, and there have been strong put additions from 4,500 to 4,200, indicating good support at the lower levels. The stock is trading well above 4,400, which is the max pain level, hence that is a support on a closing basis, hence the risk-to-reward is absolutely in favour of the bulls

Buy Grasim Fut in the range of ₹3,100-3,120; stop loss below ₹3,030; Targets ₹3,250-3,350

Grasim has recently broken out of a long consolidation with an increase in OI, indicating a long build-up; hence, the recent correction seems to be more of a profit booking from higher levels rather than any short build-up. The prices have also retested the breakout level; hence, a buy-on-dips strategy should be adopted until it closes below its critical support range of 3,050-3,030. As per the options data, there have been significant put additions at the 3,100 and 3,000 strikes, which will act as strong support going ahead, while there is a huge call base at the 3,200 strike. However, based on the breakout and price momentum, there is a high probability of an upward continuation of the trend.

Sell Hindustan Zinc fut on rise near ₹635-640 stop loss above ₹655 Targets ₹610-600

Hindustan Zinc has been trending lower in a falling channel with a decrease in OI as well, indicating long unwinding; hence, the short-term trend is sideways to negative until it breaks past the 655 levels. As per the options data, the put base is directly at 600 levels; hence, that is the 2nd target, whereas there are strong additions on the call side at the 630 and 640 strikes, indicating supply pressure at higher levels.

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 2/06/2026 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.