IGI Logo

Views On Morning Nifty and Derivative comments 26 June 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook: 

Bear grip may ease initially in the face of strength expected from the 18630-600 region. Expect 18720 or 18767 to resist initial upside attempts though. This would be the 100 point trading range that could decide the fate of directional moves for the rest of the week, that is likely to open with a positive bias.

Derivative:

 Nifty weekly contract has highest open interest at 18800 for Calls and 18000 for Puts while monthly contracts have highest open interest at 18800 for Calls and 18000 for Puts. Highest new OI addition was seen at 18700 for Calls and 18700 for Puts in weekly and at 18700 for Calls and 18700 for Puts in monthly contracts. FIIs increased their future index long position holdings by -2.98%, increased future index shorts by -0.03% and in index options by 34.90% in Call longs, 32.02% in Call short, 51.87% in Put longs and 32.84% in Put shorts.

USD-INR outlook:

As maintained last week, even though 81.9 looks vulnerable, exposing 81.75-55, we do not expect a collapse though and will retain upswing expecta?ons initially, as long as 81.9 vicinity holds. But such upswings may not gain strength unless we see a close above 82.1.  

Above views are of the author and not of the website kindly read disclaimer