In the world of stock trading, having access to expert insights can be the key to making informed decisions. In this article, we turn to the technical expertise of Jitendra Oberoi, a seasoned analyst with a keen eye for market trends. Let’s dive into his analysis of Nifty and Bank Nifty, as well as a few stocks to watch in the F & O segment.
Nifty: CMP: 20192 + 89 Points
The Nifty index has been on an upward trajectory, with the current market price (CMP) at 20192, showing a gain of 89 points. As expected, the trend is favoring the bulls, providing a promising move. However, Jitendra Oberoi points out that caution is necessary, as global uncertainty looms, particularly just before the FOMC meeting in the US.
A significant level to watch is the previous day’s low at 20129.7. A daily close below this level could potentially lead to a decline in the index towards the 19975 zone. Therefore, Oberoi recommends a “wait and watch” approach in the coming week as the best strategy.
Highest OI Calls Side: The highest Open Interest (OI) for calls is observed at 20200, with a substantial figure of 65.86 lakhs, indicating strong resistance ahead.
Highest OI Put Side: On the put side, the highest OI is at 20100, totaling 69.95 lakhs, signaling strong support in this range.
Bank Nifty: CMP 46231.5 + 230 Points
Bank Nifty, with a CMP of 46231.5 and a gain of 230 points, is also showing promise for the bulls. Oberoi highlights the crucial resistance area in the range of 46300-46500. He suggests that it might be a prudent move to book profits at this level, allowing for potential reentry at lower levels.
Highest OI Calls Side: The highest OI for calls in Bank Nifty is observed at 46500, with 32.81 lakhs, indicating strong resistance.
Highest OI Put Side: On the put side, the highest OI is at 46000, totaling 36.69 lakhs, representing strong support.
Breaking either side of these OI levels could potentially lead to a substantial move of 200-300 points in Bank Nifty.
2 Stocks to Watch for Next Week in the F & O Segment
- HDFCAMC: CMP 2726 HDFCAMC is exhibiting a promising breakout above 2690, and short positions are unwinding. Oberoi expects this rally to continue in the coming week. He recommends buying on dips towards the 2650 zone with a target of 2900-3000 levels in the coming days.
- TCS: CMP 3598 TCS has broken out on weekly charts, and large-cap IT stocks are showing momentum and interest. Oberoi suggests that the overall setup looks very positive. Any dips in TCS should be viewed as a good opportunity to add long positions.
- ICICIprulife: CMP 585 ICICIprulife is a breakout-ready stock to watch out for. A strong closing above 620 would confirm bullish sentiment, with a target of 700 levels in the near future.
- BalramChini: CMP 441 BalramChini is breaking out of its 15-month resistance zone, indicating a strong potential for momentum in the coming week in this Sugar stock.
Disclaimer: It’s important to note that Jitendra Oberoi is not a SEBI registered analyst. This article does not constitute buy/sell recommendations. Investors are strongly advised to consult their financial advisors before making any trading or investment decisions based on the information provided in this article.