HomeBusinessMarketsJitendra Oberoi's Insights on Nifty and Top Stock Picks for September 29th

Jitendra Oberoi’s Insights on Nifty and Top Stock Picks for September 29th

The Indian stock market witnessed a sharp decline on the expiry day as the Nifty, currently trading at a CMP (Current Market Price) of 19523, plunged by 192 points. Such dramatic movements often indicate a fierce bearish attack, and seasoned technical expert Jitendra Oberoi believes there’s a specific reason behind this bearish onslaught.

“Bears have attacked in an epic manner on an expiry day,” says Jitendra Oberoi, known for his astute analysis of market dynamics. “This generally happens when one side option writers get stuck with heavy positions.” Jitendra Oberoi emphasizes that as we transition into a new month, the options market is relatively light, with minimal data worth discussing.

As Jitendra Oberoi delves deeper into the market sentiment, he identifies critical support and resistance levels. “19475-19500 will act as a very good support,” he advises, indicating that this range could potentially halt the downtrend. On the upside, Jitendra Oberoi points out that “19700 is a hurdle now,” implying that breaking through this level may prove challenging for the bulls in the current scenario.

In addition to his insights on Nifty, Jitendra Oberoi highlights three stocks that traders should keep a close eye on for September 29th:

  1. JSW Steel (CMP 768) – Sell: “Stock has broken its recent lows of 772 and given a closing below this level,” warns Jitendra Oberoi. He further predicts that JSW Steel could touch 740 levels in the next 3-5 trading sessions, setting a stop loss at 785.
  2. Kotak Bank (CMP 1733) – Sell: Oberoi observes that Kotak Bank is in a downtrend and has recently broken its swing lows. He anticipates this downtrend to continue, possibly leading the stock down to 1700 levels, which he identifies as a strong support. A prudent stop loss, according to Jitendra Oberoi, would be at 1755.
  3. TechM (CMP 1229.5) – Sell: “Tech Mahindra has shown a complete reversal candle after a good uptrend,” notes Jitendra Oberoi. He points out that TechM has formed a lower low and is poised to break its recent support of 1200 in the coming days. For risk management, Jitendra Oberoi suggests setting a stop loss at 1250.

Disclaimer: It’s important to note that Jitendra Oberoi provides these insights for informational purposes only and is not a SEBI registered analyst. Traders are strongly advised to consult their financial advisors before making any trading decisions based on the above-mentioned stocks.

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