Market Watch: Momentum in Nifty`s favour. Record peak in cross hair again Says Anand James, Geojit Financial Services
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Views On Morning Nifty and Derivative comments 21 June 2023 by Anand James - Chief Market Strategist at Geojit Financial Services
Nifty outlook:
Though early loss in confidence dragged Nifty lower initially, the 18820 objective was duly achieved during the recovery push in the closing hour. While we had gone in yesterday, ruling out directional moves on either side, we will start today with bias tilted towards upsides, as long as 18775 holds, with 19000-19070 and 19200 objectives put back into play. A vertical rally is less expected though. Alternatively, slippage below 18775 will take away the upside momentum.
Derivative:
Nifty weekly contract has highest open interest at 19000 for Calls and 18700 for Puts while monthly contracts have highest open interest at 19000 for Calls and 18500 for Puts. Highest new OI addition was seen at 18950 for Calls and 18800 for Puts in weekly and at 18950 for Calls and 18700 for Puts in monthly contracts. FIIs increased their future index long position holdings by -1.27%, increased future index shorts by -4.54% and in index options by - 22.37% in Call longs, -18.89% in Call short, -23.48% in Put longs and -12.85% in Put shorts.
USD-INR outlook:
Upswings went soft after achieving the objective of 82.15, which we have been playing for the last two days. We are encouraged to purse extended upsides aiming 82.2-82.25, and would rather do that on dips, but slippage past 82.04 may make 81.9 vulnerable again.
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