Marico to Bajaj Auto - Jay Thakkar suggests three stocks to buy or sell in the short term in F&O segment

Stock market today: Indian indices began Wednesday’s session on a subdued note, as geopolitical risks and tariff-related worries dampened confidence around the earnings outlook, keeping the Sensex and Nifty below their record highs.

At the open, the BSE Sensex slipped 112 points, or 0.13%, to 84,952, while the NSE Nifty 50 fell 56 points, or 0.22%, to 26,122.

Persistent foreign fund outflows also weighed on the markets. Exchange data showed that foreign institutional investors sold equities worth ₹107.63 crore on Tuesday, while domestic institutional investors provided support by purchasing shares worth ₹1,749.35 crore.

On Tuesday, the Sensex fell 376.28 points, or 0.44%, to close at 85,063.34, while the Nifty slipped 71.60 points, or 0.27%, to finish at 26,178.70.

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

Nifty 50

Nifty has witnessed after making a new lifetime high, and this has been the trend so far that once the Nifty takes off its previous swing high, it gives up 60-70% of the previous up move. The stocks like Reliance and HDFC Bank had put huge pressure on the index, so despite positive global cues, the Nifty witnessed profit booking and closed below 26200 levels.

Now, until 26300 levels are not taken off, the short-term bias remains sideways to negative for the levels of 26000 and below it, the index may slip back to 25700 levels. The upside can be witnessed only above 26300 levels. The India VIX has started to move higher. Generally, ahead of the budget, it moves up by more than 20% hence 12%-13% VIX levels can be expected going ahead.

Stocks To Buy in the near-term

Jay Thakkar of ICICI Securities recommends these stocks to buy in the near-term: Marico, Tata Elxsi, and Bajaj Auto.

Buy Marico in the range of ₹775-785 | Stop Loss ₹755 | Targets ₹810-825

Marico has provided a breakout from a huge sideways consolidation with an increase in Open Interest in the futures segment, thus confirming a long build-up in the near term. The stock has also witnessed good put additions at the lower levels from 770-740 strikes, indicating support at the lower levels. It is now trading well above its max pain and VWAP levels, hence the short-term outlook is bullish for the stock.

Buy Tata Elxsi in the range of ₹5530-5540 | Stop Loss ₹5400 | Targets ₹5700-5800

The stock had witnessed a huge bounce back on account of short covering, post which it witnessed some consolidation. Now, the stock has again provided a breakout on the upside on the back of short covering, indicating that it is ready to catch up with the rally that it missed in the past couple of months. On the back of short covering, the stock is likely to inch towards 5700-5800 levels.

Buy Bajaj Auto in the range of ₹9320-9640 | Stop Loss ₹9490 | Targets ₹9800-9950

The stock has provided a breakout from an ascending triangular pattern, with a decrease in open interest indicating short covering in the stock. This stock has also been a laggard in the sense that it has underperformed its peers in the past few months, mainly since mid-August. Now, the stock is witnessing buying interest on the back of short covering, which can help it to inch towards 9800-9950 levels in the near term.

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 18/11/2025 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.