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Views On Morning Nifty and Derivative comments 03 July 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook: 

On Friday, we had opined about lack of visibility past 19200. But despite rising through the day, and ending the day exactly near 19200, we were unable to spot outright bearish signs. This encourages us to look for extension in uptrend, initially aiming the 19300-400 region. Alternatively, inability to float above 19180 could lead to buyers pulling back atleast until 19100 or 18980.

Derivative:

Nifty weekly contract has highest open interest at 19500 for Calls and 19000 for Puts while monthly contracts have highest open interest at 19500 for Calls and 18500 for Puts. Highest new OI addition was seen at 19400 for Calls and 19100 for Puts in weekly and at 19200 for Calls and 19200 for Puts in monthly contracts. FIIs increased their future index long position holdings by 14.99%, increased future index shorts by 1.19% and in index options by 45.61% in Call longs, 54.69% in Call short, 87.69% in Put longs and 84.42% in Put shorts.

USD-INR outlook:

USDINR is coming off an uncharacteristically quiet week. This is bound to change. We will keep pinning for 82.1 for 81.9 as the near term range for the time being, with 82.6-81.5 as the breakout objectives on either sides.   

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