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Nifty Outlook and Stock Picks for September 20th, 2023

In the midst of the Nifty analysis, Jitendra Oberoi observes that Nifty’s current CMP stands at 20,133, with bulls showing signs of exhaustion. Global uncertainty may lead to increased volatility in the week preceding the FOMC meeting in the US on Wednesday evening. A cautious “wait and watch” approach appears to be the most prudent strategy.

Notable Options Data:

  • The highest Open Interest (OI) on the Calls side is at 20,200, with a substantial 1.04 Crore contract (indicating strong resistance).
  • The highest Open Interest (OI) on the Puts side is at 20,100, with 81 Lakhs contracts (highlighting strong support).

Two Stocks to Keep an Eye on for September 20th:

  1. M&M (Mahindra & Mahindra):
    • CMP (Current Market Price): 1,641
    • M&M has successfully breached a formidable resistance level at 1,600 with robust trading volumes. The charts display a clear and clean breakout pattern, suggesting traders can anticipate strong momentum in the upcoming week.
    • Immediate Target: 1,700-1,725 in the upcoming trading sessions.
    • Stop Loss: Placed below 1,600.
  2. Hero MotoCorp:
    • CMP (Current Market Price): 3,114
    • Hero MotoCorp has recently exhibited a Cup and handle Pattern Breakout on the Daily Time Frame, accompanied by the formation of a Rounding Bottom pattern.
    • The pattern indicates a target range of 3,200-3,250 over the next couple of trading sessions.
    • Stop Loss: Positioned below 3,050.

Disclaimer: Please note that Jitendra Oberoi is not a SEBI registered analyst, and this article does not constitute a buy/sell recommendation. It is strongly advised to consult your financial advisor before taking any position in the mentioned stocks or indices.

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