Estimated reading time: 2 minutes
In the ever-evolving world of stock trading, staying informed about market trends and making well-informed decisions is crucial. One such expert who has gained recognition for his astute analysis and stock recommendations is Jitendra Oberoi. In this article, we will delve into the recent developments in the Nifty index and highlight Jitendra Oberoi’s technical insights, along with three stock recommendations for October 5th, 2023.
Nifty Analysis:
The Nifty index experienced a downward slide on the trading day, closing at 19,436, down 92 points. During the intraday session, Nifty broke through the 19,475 mark, eventually finding support at 19,333. However, a smart recovery was witnessed in the final hour of trading. From a technical standpoint, Jitendra Oberoi anticipates a pullback towards 19,495 in the next two sessions. If Nifty manages to breach the 19,515 level, it could reach 19,575, which is identified as a significant supply zone.
Options Data:
- The highest Open Interest (OI) on the Calls side is observed at 19,500 with 1.08 crore contracts, representing strong resistance.
- On the Puts side, the highest OI is at 19,600 with 1.26 crore contracts, indicating robust support.
Stock Recommendations for October 5th, 2023:
- Ramco Cement (CMP 951.6): BUY
- Ramco Cement exhibits strong signs of reversal and has recently experienced a breakout with notable volumes. It is anticipated that the stock may reach the 1,000 level in the upcoming sessions. A recommended stop loss is set at 920.
- HDFC Bank (CMP 1525): Buy
- HDFC Bank has displayed a notable reversal after recent downturns. The positive candle observed today indicates short covering, with the potential to extend to the 1,560-1,575 zone. For risk management, a stop loss is suggested at 1,488.
- Ashoka Buildcon (CMP 123.90): Buy
- Ashoka Buildcon demonstrates strong price volume action, accompanied by a rounding bottom pattern on the charts. Traders can anticipate levels of 155-160 in the coming days, with a stop loss set at 99.
Disclaimer:
It is important to note that Jitendra Oberoi is not a SEBI registered analyst. Traders and investors are strongly advised to consult with their financial advisors before making any trading decisions regarding the aforementioned stocks. The stock market involves inherent risks, and informed decisions should be made after thorough research and analysis.
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