Market Watch: New peak eludes Nifty. Asia points to a soft opening Says Anand James, Geojit Financial Services
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Views On Morning Nifty and Derivative comments 23 June 2023 by Anand James - Chief Market Strategist at Geojit Financial Services
Nifty outlook:
Expect a pull back attempt early in the day as long as 18760 holds, but favoured view expects such rise to be met with selling pressure as long as atleast the downside objective of 18700 is met. We would now wait for deeper dips or a direct rise above 18870 to initiate longs.
Derivative:
Nifty weekly contract has highest open interest at 19000 for Calls and 18700 for Puts while monthly contracts have highest open interest at 18800 for Calls and 18800 for Puts. Highest new OI addition was seen at 18800 for Calls and 18750 for Puts in weekly and at 18800 for Calls and 18800 for Puts in monthly contracts. FIIs increased their future index long position holdings by 6.97%, increased future index shorts by 3.72% and in index options by -19.59% in Call longs, -17.62% in Call short, -36.35% in Put longs and -40.87% in Put shorts.
USD-INR outlook:
As maintained yesterday, even though 81.9 looks vulnerable, exposing 81.75-55, we do not expect a collapse though and will retain upswing expectations for the day, as long as 81.9 vicinity holds.
Above views are of the author and not of the website kindly read disclaimer
