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Navigating Market Waves: Jitendra Oberoi’s Technical Analysis and Stock Picks

In the world of stock trading, having access to expert insights can be the key to making informed decisions. In this article, we turn to the technical expertise of Jitendra Oberoi, a seasoned analyst with a keen eye for market trends. Let’s dive into his analysis of Nifty and Bank Nifty, as well as a few stocks to watch in the F & O segment.

Nifty: CMP: 20192 + 89 Points

The Nifty index has been on an upward trajectory, with the current market price (CMP) at 20192, showing a gain of 89 points. As expected, the trend is favoring the bulls, providing a promising move. However, Jitendra Oberoi points out that caution is necessary, as global uncertainty looms, particularly just before the FOMC meeting in the US.

A significant level to watch is the previous day’s low at 20129.7. A daily close below this level could potentially lead to a decline in the index towards the 19975 zone. Therefore, Oberoi recommends a “wait and watch” approach in the coming week as the best strategy.

Highest OI Calls Side: The highest Open Interest (OI) for calls is observed at 20200, with a substantial figure of 65.86 lakhs, indicating strong resistance ahead.

Highest OI Put Side: On the put side, the highest OI is at 20100, totaling 69.95 lakhs, signaling strong support in this range.

Bank Nifty: CMP 46231.5 + 230 Points

Bank Nifty, with a CMP of 46231.5 and a gain of 230 points, is also showing promise for the bulls. Oberoi highlights the crucial resistance area in the range of 46300-46500. He suggests that it might be a prudent move to book profits at this level, allowing for potential reentry at lower levels.

Highest OI Calls Side: The highest OI for calls in Bank Nifty is observed at 46500, with 32.81 lakhs, indicating strong resistance.

Highest OI Put Side: On the put side, the highest OI is at 46000, totaling 36.69 lakhs, representing strong support.

Breaking either side of these OI levels could potentially lead to a substantial move of 200-300 points in Bank Nifty.

2 Stocks to Watch for Next Week in the F & O Segment

  1. HDFCAMC: CMP 2726 HDFCAMC is exhibiting a promising breakout above 2690, and short positions are unwinding. Oberoi expects this rally to continue in the coming week. He recommends buying on dips towards the 2650 zone with a target of 2900-3000 levels in the coming days.
  2. TCS: CMP 3598 TCS has broken out on weekly charts, and large-cap IT stocks are showing momentum and interest. Oberoi suggests that the overall setup looks very positive. Any dips in TCS should be viewed as a good opportunity to add long positions.
  3. ICICIprulife: CMP 585 ICICIprulife is a breakout-ready stock to watch out for. A strong closing above 620 would confirm bullish sentiment, with a target of 700 levels in the near future.
  4. BalramChini: CMP 441 BalramChini is breaking out of its 15-month resistance zone, indicating a strong potential for momentum in the coming week in this Sugar stock.

Disclaimer: It’s important to note that Jitendra Oberoi is not a SEBI registered analyst. This article does not constitute buy/sell recommendations. Investors are strongly advised to consult their financial advisors before making any trading or investment decisions based on the information provided in this article.

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