Stock market today: The domestic benchmark indices, Nifty 50 and Sensex, continued their upward trend for the third consecutive session on Wednesday, driven by a recovery in information technology stocks and bolstered by overall gains in Asia as oil prices saw a slight decline.
As of 11:41 IST, the Nifty 50 had risen by 0.98% to reach 23,812.30, while the BSE Sensex also increased by 1.03% to 76,857.38.
Both the Nifty 50 and BSE Sensex have gained approximately 2.5% each this week, although they are still about 6% lower for the month as investors respond to an unprecedented rise in crude oil prices caused by the US-Israeli conflict in Iran last month and its repercussions on energy markets.
Oil prices, on the other hand, dropped to $101 per barrel on Wednesday following an agreement between the Iraqi government and Kurdish authorities to restart oil exports through Turkey’s Ceyhan port.
Market Outlook by Jay Thakkar, Vice President & Head of Derivatives and Quant Research, ICICI Securities
Nifty 50
Nifty 50 once again closed in the positive territory and with that for the second consecutive day which is a positive sign in the near term. The India VIX fell by 8.40% and it closed below 20 levels which is also a positive sign. There has been a negative divergence already in place for the India VIX since 09/03/2026 and since then the Nifty 50 was falling whereas the India VIX was also falling and thus the divergence has played out and the Nifty 50 has bounced back strongly.
Now, the IVR and IVP are still at the extremes indicating that there is much more room for the VIX to correct from hereon until it moves back above 22 and till that doesn’t happen the short term trend is likely to be positive for the Nifty 50 for the targets of 23,800-24,000 on account of short covering as the FIIs are short above 2.5 Lakh contracts, hence a short covering can’t be ruled out.
Stocks To Buy in the near-term – Jay Thakkar
Jay Thakkar of ICICI Securities recommends Ltd (CDSL) Futures, Ltd Futures, and Ltd (NALCO) Futures.
Buy CDSL Futures in the range of ₹1,200-1,210; stop loss below at ₹1,160; Targets at ₹1,280-1,320
CDSL has formed an ending diagonal pattern and there has been lots of shorts accumulated in the last fall which are likely to be covered as there has been a pause in the downside and any further short covering in the market will lead to a short covering in the stock as well. There has been significant put additions at the lower levels from 1,200-1,100 strike which will act as a support and there is no major hurdle until 1,300 which has the highest call base; hence the upside potential is higher due to which there is a better risk: reward at current levels.
Buy REC Futures in the range of ₹335-338; stop loss below at ₹325; Targets at ₹355-365
There has been a positive divergence on the hourly charts as well as short covering in the last leg of the fall in this stock which indicates a higher chance of a bounce back from the current levels. As per the options data, the stock has witnessed significant put additions from 350-330 strikes indicating support at the lower levels and the overall sector has been performing better, so a short covering move can’t be ruled out here too and risk : reward is quite favourable.
Buy NALCO Futures in the range of ₹390-400; stop loss below at ₹375; Targets at ₹425 to 440
Overall, this stock has been one of the biggest outperformers in the recent rally of the metals and there has been overall long built up in the stock which also indicates that the trend is positive. It has again taken support at its 20 day mean and reversed sharply from there indicating continuation of the uptrend, hence it is recommended to go long on this stock. There is huge call base at 400 strike, hence short-term uptrend will be above those levels, so a buy on dips is also suggested for this stock.
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 17/03/2026 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.