SRF to Asian Paints - Jay Thakkar suggests 3 stocks to buy or sell for short-term in F&O segment

Stock market today: The major domestic indices, Nifty 50 and Sensex, experienced a drop on Wednesday after a recovery the previous day, as ongoing conflicts in the Middle East created uncertainty for investors regarding their effects on inflation and economic growth, with oil prices experiencing volatility.

At 11:46 IST, the Nifty 50 fell by 1.04% to 24,010.75, while the BSE Sensex declined by 1.17% to 77,290.95. Initially, the indexes displayed minimal change during early trading.

Market analysts have suggested that worldwide influences, especially fluctuations in crude oil prices and developments in the Middle East, are influencing investor attitudes. The United States and Israel have conducted what many are describing as the most severe airstrikes on Iran during the ongoing conflict, despite US President Donald Trump stating on Monday that he thinks the situation might be "settled soon."

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

Nifty 50

Nifty 50 closed in the positive territory after having fallen quite sharply since past few days wherein it has fallen by more than 7% , however, it has now managed to closed above 24,000 levels once again. So, now on the lower side, 24,000 is a critical support whereas 25,000 is an immediate resistance, hence the range is of 1000 points.

The India VIX has fallen by 19% to 18.85 levels after hitting the one high year of 24.49 levels which is a positive sign in the near term. The IVP and IVR had reached to 99 levels indicating oversold readings as well as the Volatility spike ratio has hit 1.6 levels which is generally considered an extreme level from where the market generally bounce back by at least 5%. So, from the current lows of 23,700, a bounce of 1,200-1,300 points can’t be ruled out, hence the upside target is 25,000 whereas an immediate support is 24,000 levels. If in case if the market is not bouncing back then it may consolidate but not fall much at least until before some consolidation this week.

Stocks To Buy in the near-term - Jay Thakkar

Jay Thakkar of ICICI Securities recommends Aurobindo Pharma Futures, SRF Futures, and Asian Paints Futures.

Buy Auropharma Futures in the range of ₹1,280-1,300; stop loss below ₹1,230, and Targets of ₹1,370-1,400

The stock has provided a breakout from a multiple swing resistance with a bullish crossover in the momentum indicator as well as it has witnessed long built up which is also a positive sign, so the risk: reward is favourable for the bulls. There is huge put base at 1200 which will now act as a critical support as well as it has managed to close above it max pain level of 1,220 and above 1,300 levels which is the nearest call base there is no major hurdle for the stock.

Buy SRF Futures in the range of ₹2,600-2,620; stop loss of ₹2,545, and Targets of ₹2,720 and ₹2,760

SRF seems to have formed a short term base as it has also formed a likely inverse head and shoulders pattern which coincides with short covering in the stock. There has been additions in the puts below 2,600 levels which will act as a support and above 2,600 levels there is no major call base thus increasing the chance of short covering with call unwinding on an immediate basis.

Buy Asian Paints Futures in the range of ₹2,290-2,300 stop loss below ₹2,250 Targets ₹2,400-2,450

Asian Paints has formed a morning star reversal candlestick pattern and with that there is a sign of short covering in the futures segment as well. So, far there were shorts built up due to crude oil prices going up but with a sharp correction in crude oil prices, a short covering move is expected in this stock. There is no major hurdle before 2,500 levels based on the options data, hence the risk: reward is in favor of the bulls.

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 10/03/2026 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.