Estimated reading time: 3 minutes
In the world of stock markets, every twist and turn can be attributed to various factors, and one such factor that recently shook the Indian stock market is geopolitical tensions. The Nifty index, with a current market price (CMP) of 19,512 points, witnessed a drop of 141 points as it reacted to these geopolitical tensions. In this article, we’ll take a closer look at how these tensions affected the market and explore insights from technical expert Jitendra Oberoi.
Market Reaction to Geopolitical Tensions
On the fateful day in question, the Nifty index lost all its previous day’s gains, reflecting the uncertainty and unease among traders and investors. What was particularly striking was that none of the sectors were in the green, clearly indicating the widespread selling pressure prevailing in the market. Bank Nifty, a significant component of the Indian stock market, also took a hit, losing approximately 475 points. This decline was driven by heavy selling in both PSU (Public Sector Undertaking) banks and private banks.
Volatility on the Horizon
Given the prevailing geopolitical tensions, Jitendra Oberoi advises traders to exercise extreme caution, especially when considering long positions. Volatility, often the result of uncertain geopolitical situations, is expected to remain a defining feature of the market for some time. This means that traders need to be nimble and prepared for sudden market swings.
Options Insight
Oberoi provides some insights into the options market as well. He highlights the highest open interest (OI) levels on both the calls and puts sides:
- Highest OI on the Calls Side: 19,600 with an OI of 72 lakh contracts, indicating strong resistance.
- Highest OI on the Puts Side: 19,500 with an OI of 82 lakh contracts, offering mild support.
Stocks to Watch
In times of market uncertainty, stock selection becomes crucial. Jitendra Oberoi recommends keeping an eye on two specific stocks for trading on September 11th:
- Adaniport Sell (CMP 790): Oberoi notes that the selling pressure on this stock has intensified due to international alliance-related concerns in Israel. He points out that significant short positions have been established in this counter, and traders can anticipate a downside target of 7765-755 in the coming days. He advises maintaining a stop loss at 801.
- Aarti Industries Sell (CMP 472): Oberoi identifies this stock as being firmly in the grip of bearish sentiment, having recently breached its important support levels at 485. He anticipates further downward movement, with the stock potentially sliding to around 450 levels in the next 2 to 3 trading sessions. A stop loss at 485 is recommended.
Disclaimer
It’s essential to remember that Jitendra Oberoi is not a SEBI (Securities and Exchange Board of India) registered analyst. Therefore, traders are urged to consult their financial advisors or conduct thorough research before taking any positions in the above-mentioned stocks.
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