Estimated reading time: 3 minutes
In the ever-fluctuating world of stock markets, it’s crucial to have a keen understanding of technical indicators and market sentiment. Today, we take a closer look at the Nifty index’s recent performance and gain insights from the seasoned technical expert, Jitendra Oberoi.
Nifty: CMP 19674 – Flat Closing Amidst Volatility
The Nifty index witnessed a day marked by considerable volatility, ultimately settling with a flat closing. Amidst this turbulence, a notable technical pattern emerged – the formation of a Doji Candle. Jitendra Oberoi, a respected figure in the field of technical analysis, points out that this pattern often signifies a state of indecision within the market. It reflects a tug-of-war between buyers and sellers as they grapple for control.
However, even with this internal market struggle, global cues have yet to offer a strong sense of promise. Investors remain cautious, awaiting more definitive signals to guide their actions. Oberoi emphasizes that a clear trend may only emerge if Nifty successfully closes above the 19800 mark, a level of significance that could potentially sway market sentiment in either direction.
Key Options Data: Understanding Market Sentiment
Oberoi also highlights crucial options data that can provide insights into market sentiment:
- Highest OI on the Calls Side: Notably, there exists substantial open interest (OI) at the 19700 strike on the Calls side, amounting to a significant 83 Lacs Cr. This level might serve as mild resistance, and it’s an area that market participants are closely monitoring.
- Highest OI on the Put Side: Conversely, there is substantial OI at the 19700 strikes on the Put side as well, with 79 Lakhs in contracts. This suggests a level of mild support for Nifty in the event of a downward move.
- Nifty 19700 Straddle: Oberoi points out the presence of substantial OI on both the Call and Put sides at the 19700 level. This indicates a state of uncertainty in the market, with traders closely watching how Nifty behaves around this particular strike price.
Stocks to Watch on September 26th: Insights from Jitendra Oberoi
As we navigate the dynamic stock market landscape, it’s imperative to identify potential opportunities. Oberoi offers his expert perspective on three stocks to watch on September 26th:
- Tata Consumer (CMP 901 – Buy): This stock recently exhibited a range breakout on a weekly closing basis. Today, it surpassed the critical resistance level of 900 with robust trading volumes. Oberoi suggests the potential for a significant upside, possibly reaching up to 1200 in the coming weeks, with immediate trading targets around 950. A stop loss at 850 is advised.
- Trent (CMP 2157 – Buy): Trent is already in an established uptrend, and today, it successfully broke out following a three-week consolidation phase. Oberoi believes traders might anticipate price levels ranging from 2260 to 2300 in the short term, with a prudent stop loss at 2040.
- Dr. Reddy (CMP 5438 – Sell): In contrast, Dr. Reddy’s stock appears to be forming a pattern of lower highs and lower lows on the charts, indicative of a bearish trend. Oberoi suggests that traders consider short positions if the price experiences a rise towards the 5500 level. On the downside, expectations include levels between 5300 and 5250 in the near future, with a stop loss set at 5600.
Disclaimer: It’s important to note that the author, Jitendra Oberoi, is not a SEBI registered analyst. This analysis does not constitute a buy/sell recommendation. Please consult your financial advisor before making any trading decisions regarding the stocks or index mentioned above.
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