In the ever-evolving world of stock trading, staying informed about market trends and opportunities is crucial. Today, we turn to the insights of Jitendra Oberoi, a seasoned technical analyst with expertise, to gain a deeper understanding of the current market conditions and potential trading prospects.
Nifty: CMP: 20103 + 33 Points
The Nifty index has been displaying a pattern of higher highs and higher lows on the charts, indicating a bullish trend. Currently trading at 20,103, it is poised to conquer the 20,400 mark in the coming days. However, there is mild resistance at the 20,200 level, with a substantial open interest (OI) of 41 lakhs.
On the put side, there is strong support at the 20,000 level, with an OI of 46 lakhs. Once Nifty crosses the 20,120 level tomorrow, we can anticipate short covering, potentially driving the index higher. For traders, a buy-on-dips strategy towards the 19,900-19,950 levels could be a prudent approach.
Bank Nifty: CMP 46000 + 100 Points
Bank Nifty managed to gain 100 points, closing at 46,000, primarily supported by PSU Banks and Axis Bank. Axis Bank appears robust, and it could play a pivotal role in helping Bank Nifty surpass its all-time high of 46,369.
On the call side, there is strong resistance at 46,500, with an OI of 22.79 lakhs. Conversely, strong support is present at the 46,000 level, with an OI of 26.31 lakhs.
Three Strong Counters for September 15, 2023
- Lal Path Labs: CMP 2327Lal Path Labs has shown significant recovery today and has previously indicated signs of bouncing from its demand zone around the 2,160 levels. We anticipate this counter to reach levels between 2,450 and 2,500 in the next 2-3 trading sessions.
- Mcdowell CMP 1065Mcdowell exhibited a robust closing today, marked by a substantial green candle. This suggests that McDowell is gearing up for a breakout above the 1,075 levels, with a potential target of 1,150 in the coming days.
- Granules CMP 334.8Granules has confirmed a clean breakout on the charts. If we witness a weekly closing above 330, Granules could be set to touch its recent high of 380 in the near future.
In conclusion, the Nifty and Bank Nifty indices show promising signs, with bullish trends and key levels to watch. Additionally, individual stocks like Lal Path Labs, Mcdowell, and Granules present trading opportunities based on their recent performance and chart patterns. Traders and investors should conduct further research and analysis before making any trading decisions.