Tech Mahindra to Bharat Dynamics - Jay Thakkar suggests three stocks to buy or sell for short-term in F&O segment

Stock market today: The pressure on the Indian stock market persisted on Wednesday as both key indices started lower, impacted by ongoing selling from foreign investors.

However, shortly after the market opened, it bounced back and shifted into positive territory with slight gains, drawing inspiration from other global markets.

The Nifty 50 index commenced at 25,842.95, reflecting a decrease of -41.85 points or (-0.16%). The BSE Sensex opened at 84,503.44, which was a drop of -83.57 points or -0.10% from the previous close.

Market analysts pointed out that foreign portfolio investors continue to have a significant short position.

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

Nifty 50

Nifty 50 closed in the negative territory for the third consecutive day, however, the India VIX fell by more than 8% and it has now slipped well below 13 to 12.16 levels as well as the IVs have fallen back to 10 levels indicating that the volatility may not be a concern in the near term, hence the market may now consolidate for some time finding resistance near its all-time high levels. On the upside, 26,000 to 26,200 range will now act as a hurdle whereas 25,700-25,500 will act as a support for the coming weekly expiry, so the broader range for the Index is 26,200-25,500.

Bank Nifty

The Bank Nifty continues to outperform, however, the private sector banks are witnessing supply pressure at the higher levels, which is a concern in the near term. So, if the private sector banks lead from hereon then the BankNifty will inch towards 60,000 mark which will be supportive for the Nifty 50. The Nifty IT had a positive month so far and it has witnessed some short covering, however, it is yet to see some more short covering, so if that happens then it will be supportive for the Nifty 50.

Among the stocks, Reliance Industries has also closed well above 1,500 mark indicating that the short to medium term trend is positive and that too will be supportive for the Index. So, these sectors/stocks are expected to provide support due to which the Nifty 50 is unlikely to fall below 25,500 levels whereas unless it doesn’t take off 26,000-26,200 range the upward momentum may not resume. So, till Nifty 50 finishes its consolidation or until it provides a breakout, it is likely to trade with a sideways bias.

Stocks To Buy in the near-term - Jay Thakkar

Jay Thakkar of ICICI Securities recommends Glenmark Pharmaceuticals Futures, Tech Mahindra Futures, and Bharat Dynamics Futures.

Buy Glenmark Pharmaceuticals Futures in the range of ₹1,890-1,860 with a stop loss of ₹1,815 and Targets of ₹1,980-2,040

The stock prices corrected and the OI decreased, hence it is quite evident that the stock has witnessed long unwinding in the fall, however, since past couple of days it has witnessed base formation with a huge OI built up which is possibly a long built up, hence a sharp move cannot be ruled out in this stock. Since it has formed a base after having fallen sharply, so an uptrend or a bounce back is expected from here. The risk to reward ratio is also quite favourable on the long side.

Buy Tech Mahindra Futures in the range of ₹1,495-1,505 with a stop loss of ₹1,445 and Targets of ₹1,575 and 1,610

It is one of the IT names which doesn’t have short built up rather it has long built up and it has also provided a breakout from the falling trend line. The stock had witnessed the fall in price due to long unwinding and now with this breakout it is likely to inch higher towards 1575 to 1610 levels. The stock is also trading above its mean on the daily time frame and this will act as a short-term support for it.

Sell Bharat Dynamics Futures in the range of ₹1,470-1,480 with a stop loss of ₹1,510 and Targets of ₹1,420 to 1,400

The stock had witnessed short term uptrend on account of short covering, however, it could not sustain at the higher levels and now it has resumed it downtrend with an increase in OI indicating short built up, hence the short term outlook is negative. It is also trading well below its 20-day VWAP as well its mean on the daily time frame and these levels will act as a hurdle 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 25/11/2025 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.