TCS to ITC- Jay Thakkar suggests 3 stocks to buy or sell for short-term in F&O segmentAI Quick ReadStock market today: The Gift Nifty Live Chart is showing a negative start for the Indian stock market today. By 8:18 AM, the Gift Nifty was trading around the 24,445 level, a discount of 118 points from the Nifty futures’ previous close of 24,584.50.
The domestic stock markets ended on a high note on Tuesday, April 21, recovering from a slow start, as rises in FMCG shares supported the key indices amid cautious hope concerning ongoing geopolitical matters.
The Nifty 50 index finished at 24,576.60, gaining 211.75 points or 0.87%, while the Sensex concluded at 79,273.33, climbing by 753.03 points or 0.96%.
Investors kept a close watch on global indicators, particularly the expected second round of talks between the United States and Iran in Pakistan, which was anticipated to take place later in the day.
Analysts noted that investor sentiment improved due to optimism about a possible near-term reduction of tensions in the Middle East.
Nifty 50 has closed well in the positive territory on the day of weekly expiry and well above 24,500 levels as well indicating positive momentum in the near term. The dip is getting bought into mainly on account of short covering, so the longs book their profits on rise while the shorts are covering their positions on dips which eventually help the Nifty 50 to climb the ladder upwards.
Now, on an immediate basis 24,500 is the support and below that 24,300 and 24,000 are the other two critical supports. So below 24,500 these levels can be tested else the Index is heading towards the next swing resistance of 24800 and eventually 25,000 to 25,200 looks like a decent conservative short-term target.
The FII numbers are also improving day-on-day as the Index short positions have been reduced by 1 lakh contracts and as of Monday closing it was at 1.90 lakh contracts which is still high and hence there is a scope of further short covering in future. The FIIs have also taken a pause in their selling in equity in cash segment which is also a positive sign in the near term. The India VIX which had risen again by more than 10% on Monday’s trading session has reversed back to below 18 levels at 17.57 levels now, so the overall outlook is still positive until 24,500 levels are held on a closing basis.
Jay Thakkar of ICICI Securities recommends Bank of India futures, Tata Consultancy Services (TCS) futures, and ITC futures.
Bank of India has formed a nice base and it has now reversed from down to up forming higher tops and higher bottoms. The recent fall was on account of long unwinding, hence the overall outlook in this stock for the positional perspective is positive. As per the options data, the stock has no major hurdle beyond 152, whereas, it is already trading well above 148 which is the max pain levels. So, the upside probability is higher as the banknifty has also provided a fresh breakout above 57,000 levels.
The stock has witnessed one of the highest short additions within the IT sector and now post its results there has been a pause in the decline as well as some hint of short covering as well in the futures segment making the upside probability quite likely. As per the options data, the stock is already trading well above its max pain level of 2540 as well as above 2600 levels there is no major hurdle as ar as call writers are concerned, hence the risk:reward is favorable for the bulls from hereon.
The FMCG index has been forming higher highs and lows and the recent recovery has been quite fast wherein the stocks have shown long built up as well as those few stocks like ITC wherein there are huge short built up are now witnessing short covering. As per the options data, the max pain is at 300 and the stock is trading well above those levels which is positive and there is huge call writing at 300 strike and 310 strike, the stock is well above those levels, so the call unwinding can lead to further short covering from hereon.
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 21/04/2026 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.
Dhanya Nagasundaram works as a Content Producer at LiveMint, specializing in news related to financial markets, stocks, and business. With over eight years of experience in journalism and content creation, she has honed her skills in data-driven reporting and market analysis. Her focus is on monitoring stock trends, initial public offerings (IPOs), corporate news, policy shifts, and larger economic trends that affect investors and market players.
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