Estimated reading time: 3 minutes
In the world of financial analysis, one name stands out for its insightful perspective – Jitendra Oberoi. Let’s delve into Jitendra Oberoi’s Nifty Analysis.
Nifty, currently trading at 19819.95 spot levels, exhibits a consistently positive trend. According to Jitendra Oberoi’s analysis, the critical levels to watch are 19700, which serves as robust support with 57.59 lacks of open interest on the put side of the 14th Sept Contract, and 19900, acting as an immediate resistance with 50.91 lack of open interest on the calls side of the 14th Sept Contract. As per Oberoi’s assessment, any potential dip towards 19700 presents a golden buying opportunity, and if Nifty manages to surpass 19992, it could embark on a journey to touch 20400 on a positional basis.
Now, shifting our focus to Bank Nifty, Jitendra Oberoi’s insights continue to guide us. Bank Nifty, trading at 45156.40, mirrors the positive market sentiment. Oberoi points out that, based on open interest data, the 45000 put option commands the highest open interest at 28.62 lacks, establishing the 44900-45000 range as a formidable support zone. Conversely, the 45500 level emerges as a significant resistance, backed by a maximum open interest of 27.66 lakh.
As we navigate the intricate world of stock trading, Jitendra Oberoi’s expertise shines through once again. Let’s explore Oberoi’s top five stock picks for the upcoming week of 11th to 15th Sept:
- Tata Motors (CMP 627): Oberoi suggests that this stock, having recently demonstrated a breakout on the weekly time frame, could experience a surge in momentum when it crosses the 628-630 range. In Oberoi’s view, this could attract buyers eyeing a target range of 660-670. Investors are advised to consider a long position with a stop loss at 595 on a closing basis.
- BPCL (CMP 361.95): According to Oberoi’s analysis, after six consecutive red candles, BPCL has formed a robust weekly candle, indicating the potential for a strong reversal if it manages to breach the 365 zone. Oberoi sets the immediate target at 380-390, with a recommended stop loss at 349 on a closing basis.
- HDFC Bank (CMP 1623.4): Oberoi’s assessment notes that after seven weeks of underperformance, HDFC Bank has successfully crossed the resistance at 1605 on a weekly basis. He suggests considering a long position with an immediate target of 1670-1680-1700, keeping a stop loss at 1560 on a closing basis.
- CDSL (CMP 1282): Oberoi identifies strong buying momentum in CDSL, with the RSI above 70 and a noticeable breakout on the weekly charts. Oberoi recommends initiating a long position with a stop loss at 1240 and setting a target at 1420-1450.
- Chennai Petroleum (CMP 478.55): Oberoi’s discerning eye spots a multi-year breakout after 16 years, with the stock surpassing its 2007 November high of 447. As per his analysis, investors should consider buying and holding, with a target set at 650 in the coming weeks, while maintaining a prudent stop loss at 420.
In conclusion, Jitendra Oberoi’s expertise in Nifty Analysis and stock picks provides valuable insights for investors navigating the dynamic world of financial markets. His strategic guidance serves as a beacon in uncertain times, helping investors make informed decisions and optimize their portfolios.
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