Nifty: CMP: 19901 (-232 Points) As expected, Nifty lost 232 points today, primarily due to significant declines in HDFC Bank and Reliance. Investors are now eagerly anticipating the direction Nifty will take tomorrow morning, especially with the US Fed event on the horizon. Jitendra Oberoi, a seasoned technical expert, suggests that once Nifty crosses the critical level of 20025, it may see a further uptrend, possibly reaching 20100. However, it’s crucial to be aware that supply pressure could emerge at higher levels. In such a volatile market, Jitendra Oberoi advises a wait-and-watch approach for the best strategy.
Highest OI Calls Side: 20000 (Strong Resistance) Looking at the options market, Jitendra Oberoi points out that the highest Open Interest (OI) on the Calls Side is at 20000, indicating strong resistance at this level. Traders should keep a close eye on this point as it may significantly impact market movements.
Highest OI Put Side: 19800 (Strong Support) On the Put side, Jitendra Oberoi observes that the highest Open Interest is at 19800, suggesting strong support in case Nifty faces further declines. This level could act as a cushion for the index.
Stock Ideas for the Next Few Days
- AU Bank: Buy Jitendra Oberoi recommends buying AU Bank at the current market price (CMP) of 755, with a stop loss at 725 and a target price range of 780-800. The stock has recently breached its crucial resistance levels of 752 with notable trading volumes. If the market displays bullish tendencies tomorrow, this counter could potentially witness substantial short-covering moves.
- HDFC Bank: Sell on Rise Jitendra Oberoi advises a “sell on rise” strategy for HDFC Bank, considering its current CMP of 1566 and a target price of 1540. HDFC Bank experienced a significant gap down opening today and remained under pressure throughout the trading session. Any upward movement in the stock, up to levels around 1695, could present a suitable opportunity for shorting.
Disclaimer: Please note that Jitendra Oberoi is not a SEBI registered analyst, and this article does not constitute a buy or sell recommendation. It is imperative to consult with your financial advisor before making any trading decisions concerning the mentioned stocks or the Nifty index.