Estimated reading time: 2 minutes
In the dynamic world of stock trading, having a technical expert like Jitendra Oberoi on your side can make all the difference. Let’s delve into the latest insights and stock recommendations for October 6th, 2023.
Nifty, currently trading at a CMP (Current Market Price) of 19545, has surged by 109 points. As anticipated, Nifty managed to surpass the crucial 19500 level and has sustained above it on the weekly expiry day. Our resident technical guru, Jitendra Oberoi, believes that the immediate support for the next couple of days will be at 19450, ensuring the ongoing uptrend. The overall market scenario is still range-bound, with the upper range oscillating between 19650 and 19700.
Options Insights:
- Highest OI Calls Side: The highest Open Interest (OI) on the Calls side is at 19600, with an impressive 43.56 lakh contracts, representing a mild resistance level.
- Highest OI Put Side: On the Put side, the highest Open Interest is at 19500, totaling 48.37 lakh contracts, serving as a mild support level.
Stocks to Keep an Eye On for October 6th, 2023:
- Indigo: Buy (CMP 2473)
- Jitendra Oberoi suggests a bullish stance on Indigo as the stock has managed to break its downtrend and formed a long bullish candle, closing above the 20-day Exponential Moving Average (DEMA). The technical expert anticipates that this uptrend could extend up to 2600 levels in the next couple of trading sessions. Additionally, the recent fall in crude oil prices is expected to be beneficial for the airline. Traders are advised to set a stop loss below 2400.
- Sun TV: Buy (CMP 634)
- Sun TV has recently broken out above the 630 level, and Jitendra Oberoi sees a promising rally potential, with an expected target range of 675-700 in the next few weeks. To mitigate risks, traders are recommended to set a stop loss below 600.
- Indian Hotels: Buy (CMP 417.5)
- Indian Hotels has demonstrated a significant reversal from its support level of 400. Jitendra Oberoi predicts that this stock could reach up to 450 levels in this World Cup month. For risk management, traders should maintain a stop loss below 400.
Disclaimer: Please note that Jitendra Oberoi is not a SEBI registered analyst. Traders are strongly advised to consult their financial advisors before making any trading decisions concerning the above-mentioned stocks. The stock market can be volatile, and investments should be made with due diligence and careful consideration of individual financial goals and risk tolerance.
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