In the world of stock trading and investment, having a keen eye for technical analysis can make all the difference. Jitendra Oberoi, a seasoned expert in the field, brings you the latest insights into the Nifty index and a couple of stock recommendations for Oct 11, 2023.
Nifty Analysis: Bulls Back in Action
As of the latest update, the Nifty index stands at 19,690, marking an impressive gain of 177 points. It seems that the bulls have made a resounding comeback, drawing inspiration from positive cues in the global markets. Despite geopolitical tensions making headlines, US indices have remarkably brushed them aside. An interesting observation is the substantial amount of Put options written at the 19,600 level, suggesting strong support in the market.
Looking at the data, experts anticipate that this upward trend could continue, potentially reaching 19,780 in the next two trading sessions, provided there are no negative market-shaking news events. Moreover, the auto sector has played a significant role in boosting market sentiment.
Key Options Data:
- Highest Open Interest (OI) on the Calls Side: 19,800 with 68 lakh contracts (indicating strong resistance).
- Highest OI on the Puts Side: 19,600 with a massive 1.24 crore contract (indicating strong support).
Now, let’s delve into the two stock recommendations provided by Jitendra Oberoi for October 11th, 2023.
Stock 1: HDFCAMC (HDFC Asset Management Company) – BUY
Current Market Price (CMP): ₹2,763.30
- Technical Analysis: HDFCAMC has managed to close above its major resistance zone ranging from ₹2,740 to ₹2,750. Over recent sessions, the stock has displayed strong momentum, raising expectations of a short-covering rally before the upcoming results. This rally could potentially propel the stock to levels around ₹2,900 in the next few trading sessions.
Stock 2: Escorts – BUY
Current Market Price (CMP): ₹3,393.00
- Technical Analysis: Escorts is currently under the firm control of bullish investors, consistently forming higher highs and higher lows on the price charts. Notably, Escorts rebounded from the demand zone located at ₹3,150, which aligns with the 20-day exponential moving average (20EMA). This stock has been previously discussed in our articles, and the expectation is that it could touch ₹3,550 levels in the upcoming trading sessions.
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.
