Estimated reading time: 2 minutes
If you’re an avid stock market enthusiast, you’re likely always on the lookout for the next potential winners. In today’s edition of “Jitendra Oberoi’s Stock Watch,” we’ve identified three stocks that could be poised for interesting moves on October 12th. Jitendra Oberoi, a seasoned expert in the world of stock trading, brings you these insightful picks.
1. RELIANCE Industries Limited (NSE: RELIANCE)
Current Market Price (CMP): ₹2,345
Buyer’s Recommendation: Buy
Stop Loss: ₹2,280
Target Price: ₹2,425
Reliance Industries Limited, led by India’s business magnate Mukesh Ambani, is a conglomerate with interests spanning petrochemicals, refining, telecommunications, and retail. With a diversified business portfolio, Reliance remains an attractive choice for investors. Jitendra Oberoi recommends considering a buy position with a stop loss of ₹2,280 and a target of ₹2,425.
2. ASTRAL Poly Technik Limited (NSE: ASTRAL)
Current Market Price (CMP): ₹1,934
Buyer’s Recommendation: Buy
Stop Loss: ₹1,900
Target Price: ₹2,000
Astral Poly Technik Limited is a leading manufacturer of plumbing and drainage systems. The company’s consistent growth and innovative products have garnered attention in the market. According to Jitendra Oberoi, it might be worth considering a buy position for ASTRAL, with a stop loss at ₹1,900 and a target of ₹2,000.
3. TRENT Limited (NSE: TRENT)
Current Market Price (CMP): ₹2,101
Buyer’s Recommendation: Buy
Stop Loss: ₹2,065
Target Price: ₹2,200
Trent Limited, a retail company that operates some of India’s popular fashion retail chains, has been expanding its footprint. Jitendra Oberoi suggests a buy position for TRENT, with a stop loss set at ₹2,065 and a target of ₹2,200.
NIFTY 50 Index
For a broader perspective, let’s take a look at the NIFTY 50 Index, which represents the performance of the National Stock Exchange (NSE) of India’s 50 largest companies.
Closing Price as of Technical Data: 19,811
Options Data
- Highest Open Interest (OI) on the Calls Side: 19,900 with 1.14 crore contracts (indicating strong resistance).
- Highest Open Interest (OI) on the Puts Side: 19,800 with 1.24 crore contracts (indicating strong support).
In the options market, the highest OI levels often signify crucial price levels where traders anticipate significant price movements. The calls side suggests resistance at 19,900, while the puts side indicates support at 19,800.
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.
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