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Views On Morning Nifty and Derivative comments 10 July 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook: 

Last week registering the first shooting star candle since the recent uptrend began in March 2023 compels us to begin the week with expectation of a correction, with eyes on 18900 as the nearest objective. Alternatively, pull back above 19380, will force us to wait for a push towards 19660 before reconsidering the prospects of correction again.

Derivative:

Nifty weekly contract has highest open interest at 19400 for Calls and 19400 for Puts while monthly contracts have highest open interest at 19500 for Calls and 19000 for Puts. Highest new OI addition was seen at 19400 for Calls and 18800 for Puts in weekly and at 19500 for Calls and 18650 for Puts in monthly contracts. FIIs increased their future index long position holdings by -3.16%, increased future index shorts by 10.11% and in index options by 92.76% in Call longs, 31.82% in Call short, 104.87% in Put longs and 13.63% in Put shorts.

USD-INR outlook:

This would be the 6th time since October, that we would be seeing USDINR attempting to surge past the record peaks. Hence, we are not excited about the continuation of ongoing uptrends, until a clear break above 83.25 is seen. A buy on dips approach is preferred today as long as above 82.41.

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