Stock market today: The GIFT Nifty is signalling a muted start for the Indian stock market on Thursday, 13 May. As of 8:04 AM, GIFT Nifty was trading around 23,431, at a premium of 6.3 points over the previous close of Nifty futures at 23,424.70.
Equity benchmark indices declined for the fourth straight session on Tuesday, with both the Sensex and Nifty 50 dropping nearly 2%, as rising crude oil prices and uncertainty over the West Asia conflict unsettled market confidence.
Continuous outflows of foreign funds and the rupee falling to an all-time low also affected investor sentiment.
In the midst of a broad sell-off, the 30-share BSE Sensex plummeted by 1,456.04 points, or 1.92%, closing at 74,559.24. At one point during the day, it fell by 1,565.78 points, or 2%, reaching 74,449.50
Market Outlook by Jay Thakkar, Vice President & Head of Derivatives and Quant Research, ICICI Securities
Nifty 50
The Nifty 50 has closed significantly below the 23,800 level, and the weekly expiry has closed at its day’s low, indicating that overall momentum is now more negative. Based on the FII flow and the rising India VIX, it appears the short-term trend is negative, as FII has increased their short positions from 1.75 lakh contracts to 2.20 lakh contracts by Monday’s close.
The options now suggest that the 24,000 is an immediate hurdle, as it has the highest call base, and until that level is taken off, the bears have the upper hand. Now, on the lower side, 23,000 levels, however, have the highest OI on an immediate basis, hence that may act as a support, so the short-term range is 23,000-24,000, and within this range 23,800 will now act as an immediate resistance, hence until this level is taken off, any bounce will be a selling opportunity.
Stocks To Buy in the near-term – Jay Thakkar
Jay Thakkar of ICICI Securities recommends KPIT Technologies Futures, Max Healthcare Institute Futures, and Eternal Futures.
Sell KPIT Futures in the range of ₹700-690, stop loss above ₹720, Targets ₹665-645
KPIT has been trading weakly, forming lower highs and lower lows with increasing OI in the futures segment, indicating overall short positions in the stock. Since the Nifty IT is trading with a negative bias, the short-term trend in IT appears negative, and hence the stock is likely to break its previous swing low. According to the options data, 680 has the highest put base; however, it is not significant enough to offset the overall fall.
Buy Max Healthcare Futures in the range of ₹1,010-1,020, stop loss below ₹970, Targets ₹1,080-1,120
The stock has bounced back from recent lows, with a decrease in OI in the futures segment, indicating that the recent bounce is due to short covering. The Nifty healthcare index, however, has broken out to the upside and is likely to outperform the Nifty 50 in the near term, as it did in the previous fall as well. The stock has witnessed a significant put base at 1,000, which is quite nearby, hence the risk-reward is favourable for the bulls.
Sell Eternal Futures in the range of ₹238-242, stop loss 250, targets 225-215
Eternal had witnessed a bounce back on account of short covering, and now, with the price reversing again from the recent highs, the OI has increased, signalling a short build-up; hence, the short-term trend seems to have reversed from up to down. As per the options data, there has been significant writing in the 250 and 260 strike on the call front and above that, there have been fresh additions in the 240 strike as well, so with that, the bears clearly have an upper hand.
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 12/05/2026 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.
