In the world of stock markets, making informed decisions is crucial, and this week’s analysis by Jitendra Oberoi sheds light on the current state of Nifty and offers valuable insights into potential stock picks. Jitendra Oberoi is a seasoned technical analyst with a keen eye for market trends and opportunities.
Nifty’s Weekly Performance
The week witnessed Nifty closing almost flat, with the index showing a marginal decline of 17 points. This stability can be attributed to the anticipation surrounding the release of the US Consumer Price Index (CPI) data. The global cues derived from this data, set to be revealed late in the evening, are expected to have a substantial impact on the Indian stock market.
In addition to this, traders are patiently awaiting the results of Infosys, a major player in the Indian IT sector. This is a significant event in the Indian stock market, as Infosys’ performance often serves as a bellwether for the IT industry, which plays a pivotal role in the country’s economic landscape. Many market participants are keen to see the outcomes before making any substantial investment decisions.
Furthermore, there’s limited option data available for the upcoming week, which adds an element of uncertainty to the market. However, despite these challenges, the overall market trend remains positive, and there is a prevailing optimism that Nifty is poised to reach the 19,950 level.
Stock Picks for October 13th
Gail (BUY – CMP: 129.35)
Jitendra Oberoi recommends keeping an eye on Gail India Limited, a prominent natural gas company. Gail has recently displayed a robust bullish signal by forming a notable green candle. Furthermore, it rebounded from its monthly support level of 124, indicating resilience at that level. The outlook for Gail is positive, with a potential target of 140 in the coming days. To manage risk, Jitendra suggests placing a stop loss at 120.
Sun TV Network (BUY – CMP: 640)
Sun TV Network, a major player in the Indian media and entertainment industry, has recently witnessed a significant breakout on the monthly charts. This breakout is a positive sign, suggesting a shift in sentiment and the potential for upward momentum. Moreover, Sun TV has demonstrated consistent strength over the past three months. The momentum in Sun TV Network is expected to continue for the next couple of weeks, with a target price of 685. To mitigate potential losses, a stop loss at 610 is recommended.
Disclaimer:
It’s important to note that Jitendra Oberoi is not a SEBI registered analyst. Traders and investors are strongly advised to consult their financial advisors and conduct their own research before making any investment decisions based on the information provided in this article.
