Estimated reading time: 3 minutes
In the ever-dynamic world of stock trading, staying informed about market trends and potential opportunities is essential. Today, we dive into the Nifty market with insights from stock expert Jitendra Oberoi.
As of the latest data, the Nifty is trading at a current market price (CMP) of 19638, reflecting a gain of 114 points. Notably, in the previous session, bulls managed to defend the crucial 19500 option territory, staging a rebound that propelled the Nifty to levels around 19726. However, the index faced resistance at the 20-day exponential moving average (DEMA), preventing a sustained climb beyond this point.
At present, Nifty appears to be firmly range-bound, with traders actively participating within the range of 19500 to 19750. Observers anticipate that a decisive breach of either of these levels could trigger a significant trending move in the market.
For reference, here are the highest open interest (OI) levels:
- Highest OI Calls Side: Notably, the 19800 level exhibits a substantial OI of 86.68 lakhs, representing a formidable resistance point.
- Highest OI Put Side: On the put side, the 19600 level holds significant OI with 71.39 lakhs, serving as a strong support level.
Now, let’s delve into Jitendra Oberoi’s top stock picks for October 3rd:
1. Lalpath Labs (BUY) – CMP: 2524.35
- Lalpath Labs shows a compelling reversal pattern on the monthly chart, forming a double bottom pattern.
- The presence of a robust green monthly and weekly candle suggests the stock’s readiness for a significant rally.
- Potential target levels include 3000, 3100, and 3200 in the coming weeks.
- Stop Loss: 2400
2. RBL Bank (BUY) – CMP: 252.75
- After nine weeks of consolidation, RBL Bank exhibits a strong weekly candle and has established a weekly/monthly breakout on charts.
- The stock is poised to approach its next resistance level of around 272 in the coming week.
- A weekly close above 275 could potentially lead to further gains, possibly reaching 300 levels in the near term.
- Stop Loss: 237
3. NTPC (BUY) – CMP: 245.55
- NTPC has recently experienced a weekly/monthly breakout on charts.
- In fact, it has achieved a 15-year breakout above 242, dating back to its 2008 high.
- The stock may consolidate briefly or embark on a rapid upward journey.
- Stop Loss: 220
Disclaimer: Jitendra Oberoi is not a SEBI registered analyst. Traders are advised to consult their financial advisors before taking any positions in the mentioned stocks.
As the market landscape continues to evolve, these insights from Jitendra Oberoi provide valuable guidance for traders and investors looking to make informed decisions in the Nifty and stock market arena.
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