Estimated reading time: 3 minutes
Nifty, the benchmark index, displayed remarkable strength as it closed at an all-time high of 19996.35. The market sentiment has clearly tilted in favor of the bulls, with a decisive breakout above the psychological level of 19992. Technical expert Jitendra Oberoi believes that this upward momentum may continue.
Oberoi suggests that if the market sustains above the crucial level of 20025 for at least 15 minutes, it could trigger short-covering, potentially propelling the index toward the 20100 mark. He also points out that the highest open interest (OI) on the call side stands at 20,000, a significant figure with approximately 1.03 crore contracts, indicating strong bullish sentiment.
On the put side, the highest OI is at 19900, with approximately 89 lakh contracts, acting as a robust support level. Oberoi’s analysis leads him to conclude that Nifty might have the potential to touch the 20400 level in the coming days, provided the current momentum persists. His recommended strategy for Nifty is to consider buying on dips towards the 19900 mark.
Banknifty: Strong Momentum in Banking Stocks
Turning his attention to Banknifty, which closed at 45570, Oberoi notes a breakout above the 45500 level, driven primarily by the PSU Banking sector and Axis Bank, which is currently trading at an all-time high.
The options data reveals a fascinating story with 45500 calls having an OI of 34.14 lakh and 45500 puts having an OI of 37.38 lakh. This suggests that put writers have the upper hand, and there’s an expectation that call writers might rush to cover their positions. The next immediate hurdle for Banknifty, according to OI data, is at 46000.
Oberoi advises traders to adopt a buy-on-dips strategy towards 45200, in case the index retraces.
Top 3 Stock Ideas for 12th Sept 23
- Axis Bank (CMP 1000/-): Axis Bank has displayed a clean breakout above 998, closing above this level. On the 2-hour charts, an Inverse Head and Shoulders pattern, as well as a Cup and Handle formation, are clearly visible. Oberoi suggests an immediate target of 1040-1050, with a positional target of 1100/-.
- Canara Bank (CMP 359.95): Canara Bank has crossed its recent high of 352 with impressive volumes. Oberoi anticipates a rally towards the 400 level in the coming weeks.
- HDFCAMC (CMP 2663.90): HDFCAMC has breached its recent high of 2640. Oberoi expects the stock to reach levels of 2850-2950 in the near future.
Performance of Stocks Suggested for 11th
- Tatamotors: Suggested at 627, currently at 634.85. Hold.
- BPCL: Suggested at 361.95, currently at 363.75. Hold.
- HDFCBank: Suggested at 1623, currently at 1632. Hold.
- CDSL: Suggested at 1282, currently at 1390. Hold for a target of 1500.
- Chennai Petro: Suggested at 478, currently at 510. Hold.
Disclaimer: Please note that Jitendra Oberoi is not a SEBI registered analyst, and this information should not be considered as buy/sell recommendations. It is advised to consult a financial advisor before making any investment decisions.
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