Indian equity benchmarks rallied on Tuesday, 13 October, with the Nifty 50 and Sensex gaining over 1.5% each, driven by a sharp rally in information technology stocks following better-than-expected results from HCLTech and improved sentiment after the Reserve Bank of India (RBI) announced measures to ease pressure on the rupee.
The Nifty 50 climbed 1.6% to close at 22,721.95, while the BSE Sensex advanced 1.54% to 73,033.78.
The Indian rupee strengthened to 95.28 against the US dollar, extending its recovery for a second consecutive session after the RBI unveiled additional measures to support the domestic currency.
The Nifty IT index surged 5.2%, marking its biggest single-day gain since 12 May 2025. HCLTech jumped 8.4%, its sharpest daily percentage gain in more than six years, emerging as the biggest gainer on the index. The rally followed the company’s quarterly results, which beat estimates, supported by an improvement in profitability metrics.
Jay Thakkar of ICICI Securities has recommended Mahindra & Mahindra (M&M) futures, Shree Cement futures and Cholamandalam Investment and Finance Company (Chola Finance) futures for near-term trading opportunities.
For M&M futures, Thakkar recommends buying in the ₹2,850– ₹2,870 range, with a stop-loss below ₹2,780. The targets are ₹3,000 and ₹3,070. For Shree Cement futures, he suggests buying in the ₹22,100– ₹22,150 range, with a stop-loss below ₹21,000. The stock has upside targets of ₹23,500 and ₹24,000.
For Chola Finance futures, Thakkar recommends buying in the ₹1,610– ₹1,630 range, with a stop-loss below ₹1,575. The targets for the trade are ₹1,685 and ₹1,720.
Market Outlook by Jay Thakkar, Vice President & Head of Derivatives and Quant Research, ICICI Securities
Nifty 50
Jay Thakkar, Vice President and Head of Derivatives and Quant Research at ICICI Securities, said the Nifty 50’s positive close in the previous session, following a weekly gain last week, has resulted in the formation of higher tops and higher bottoms, signalling a potential reversal from a downtrend to an uptrend.
He noted that the short-term trend would remain positive as long as the index holds above 22,300, with upside targets of 23,000 and 23,200. Options data also supports the bullish outlook, with the put-call ratio (PCR) rising to 1.38 for the next weekly expiry. Significant put writing at 22,500 indicates immediate support, while 23,000 has the highest call open interest. A sustained move above this level could trigger further short covering, Thakkar said.
He added that the premium in Nifty 50 futures has increased sharply to around 140 points from approximately 30 points in the previous session, indicating a rise in short-covering activity. Meanwhile, the India VIX has declined by more than 7% to around 14. As long as the volatility index remains below 16, the short-term bias is likely to stay positive, supporting a potential rebound towards 23,000–23,200, he said.
Stocks To Buy in the near-term – Jay Thakkar
Jay Thakkar of ICICI Securities recommends Mahindra & Mahindra (M&M) Futures, Shree Cements Futures, and Cholamandalam Investment and Fin Co Futures.
Buy M&M Fut in the range of ₹2,850-2,870; stop loss below ₹2,780; Targets at ₹3,000 and 3,070
M&M has started to form higher tops and bottoms on the daily charts, and with that, open interest has decreased as well, indicating short covering. It closed in negative territory for 8 consecutive weeks, and now, with this reversal, it is expected to bounce back from this oversold region. As per the options data, 2,850 CE has a significant call base on an immediate basis, and a close above that will lead to further short covering. The max pain is at 2,900, and if the stock manages to surpass that level,there will be further short covering.
Buy Shree Cement futures in the range of ₹22,100-22,150; stop loss below ₹21,000; Targets ₹23,500 and ₹24,000
Shree Cement has seen some short additions in the recent fall; however, with some consolidation, it has also seen some short covering, indicating that a bounce back is on the cards. As per the options data, the 22,000 strike has the highest call base, and the stock has closed above the same; hence, a further up move is expected from hereon. The max pain is also at 22,000 levels; hence, a close above that indicates a short-term reversal from down to up
Buy Chola Finance futures in the range of ₹1,610-1,630; stop loss below at ₹1,575; Targets at ₹1,685-1,720
Chola Finance has also started forming higher tops and bottoms, and with that, the stock has witnessed an increase in open interest, which is a positive sign. It had fallen on account of long unwinding and with this reversal in the markets a bounce back cant be ruled out. There has been significant put additions at the lower levels from 1,540-1,620 strikes indicating support at the lower levels, on the upside 1,700 strike has the highest call base which is the minimum target.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
