Tata Steel to Godrej Properties - Jay Thakkar suggests three stocks to buy or sell for short-term in F&O segment

Stock market today: The domestic benchmark indices, Nifty 50 and Sensex, slipped on Wednesday as the selling by foreign investors persisted amid concerns over trade disputes, rising crude oil prices, and geopolitical issues, while metal shares rallied due to the increase in global metal prices.

The Nifty 50 was flat at 25,725 . 60, while Sensex also traded flat at 83,572.07 as of 11:13 IST. Both the Nifty 50 and the Sensex have declined in six out of the last seven trading sessions, down 2.3% and 2.5%, respectively.

Experts noted that market participants were cautious as Indian stocks faced pressure from international uncertainties, such as the current tariff threats from the United States and heightened geopolitical tensions. Furthermore, the selling by foreign portfolio investors has added to the downward pressure on domestic markets.

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

Nifty 50

Nifty 50 closed marginally in the negative territory after having recovered quite sharply from the day’s low in Monday’s trading session. The weekly expiry day was quite volatile; however, the Index move was restricted to between 25,800-25,600 levels and finally closed above 25,700 once again. The level 25,700 on a closing basis is critical as until the Index closes above this level the bounce is likely as this was the level which earlier acted as a critical demand zone in the December series.

As per the options data, 25,800 to 26,000 is a crucial resistance zone and until this range is not taken off the bounce will be sold into as this zone has the highest call base for the next weekly expiry, whereas on the lower side there is no significant put base until 25,000 levels. Hence, the broader range for the Nifty 50 is 25,000-26,000 levels and within that the narrow range is 25,500-25,800 levels.

The India VIX has been in an uptrend in the recent times and it is likely to stay elevated until the Union Budget session, so on the lower side 10 is a critical support whereas, 13-13.50 levels are likely to be testes on the upside.

Stocks To Buy in the near-term - Jay Thakkar

Jay Thakkar of ICICI Securities recommends Tata Steel Futures, Colgate Palmolive (India) Futures, and Godrej Properties Futures.

Buy Tata Steel Futures in the range of ₹180-183; stop loss at ₹175; with targets of ₹190/193

The stock has been trending higher forming higher highs and higher lows with an overall increase in the open interest in the futures segment indicating that the short-term trend is up. The options chain indicates that there has been significant put base from 180-170 strikes which will act as a support, however, 185 and 190 strikes have high call base so taking off those levels will be crucial in order to have an upward momentum. The overall sector is in an uptrend hence the possibility of an upward breakout is quite likely.

Buy Colgate Palmolive (India) Futures in the range of ₹2,100-2,120; stop loss of ₹2,050; Targets of ₹2,200 and 2,260

Colgate Palmolive has formed a short-term base with a positive divergence in the momentum indicator with one of the highest short built up as the prices have corrected so far with an increase in open interest in the futures segment. This indicates that the short-term bounce is quite likely due to short covering. The FMCG sector overall looks quite bullish in the near term except ITC which has been under pressure recently, else most of the sectors indicate a possible uptrend and since it is a defensive sector, so the short-term increase in volatility favors these stocks to trend higher as it’s a safer place to hide.

Sell Godrej Properties Futures in the range of ₹1,880-1,900; with a stop loss of ₹2,010; Target of ₹1,700

Godrej Properties has provided a breakdown from a sideways consolidation with an increase in open interest in the futures segment indicating clear short built up in the stock with a increase in volumes as well suggesting short term downtrend. As per the options chain 2,000 is a critical resistance as it has the highest call base whereas 1,900 has the highest put base and it was broken in the last trading session indicating further weakness.

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 13/01/2026 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.