Nifty, the benchmark index of the Indian stock market, finds itself in a range-bound situation as it struggles to determine its next course of action. In this scenario, we turn to the insights of renowned technical expert Jitendra Oberoi to shed light on the current market dynamics and potential future directions.
Jitendra Oberoi, a seasoned technical analyst, has been closely monitoring the Nifty index, and his expertise is highly regarded in the financial industry. Let’s delve into his analysis.
Nifty’s Range-Bound Dilemma
As of the latest data, Nifty is trading at 19528, down 109 points. Jitendra Oberoi points out that Nifty is clearly range-bound, with a trading range of 19475 to 19750. This range represents a crucial juncture for traders and investors, as a break on either side of this range is expected to dictate the market’s direction in the coming days.
Jitendra Oberoi’s Insight: Sideways to Bearish Bias
According to Jitendra Oberoi, the current bias in the market remains sideways to bearish. This means that while there might be opportunities for traders, caution is advised due to the prevailing uncertainty.
Key Options Data
To provide further insights, Jitendra Oberoi highlights the highest Open Interest (OI) levels in the options market:
- Highest OI Calls Side: The highest OI for calls is at the 19600 strike price, with an impressive 1.02 crore contract. This level serves as a strong resistance, indicating that a significant upward move may face resistance around this point.
- Highest OI Put Side: On the put side, the highest OI is also at the 19600 strike price, albeit with 0.93 lakh contracts. This level is seen as mild support, suggesting that if Nifty were to decline, it might find some support in this range.
Jitendra Oberoi’s Top Stock Picks for 4th Oct 2023
Now, let’s take a look at Jitendra Oberoi’s top stock recommendations for the trading session on October 4th, 2023.
- Indigo (BUY at CMP 2419): Jitendra Oberoi advises buying shares of Indigo. The stock has displayed a reversal candle on the charts after a significant downtrend. Oberoi anticipates that this upward movement could continue, targeting levels between 2500 to 2550, with a stop loss set at 2330.
- Bank of Baroda (BUY at 217.85): Jitendra Oberoi recommends buying Bank of Baroda shares. This public sector bank has broken its recent swing high at 217.5 and closed above it. Traders can potentially target levels between 230 to 235, with a stop loss set at 212.
- Medanta (BUY at CMP 747): Medanta, a healthcare stock, is trading at an all-time high. Jitendra Oberoi notes that it closed with impressive volumes, suggesting bullish momentum. The possible target for Medanta could be in the range of 775 to 800, with a stop loss at 710.
Disclaimer
It’s important to note that Jitendra Oberoi is not a SEBI registered analyst. Traders are strongly advised to consult with their financial advisors and conduct their own research before making any trading decisions based on the above-mentioned stock recommendations. The stock market involves inherent risks, and careful analysis is essential for successful trading.
