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Views On Morning Nifty and Derivative comments 30 June 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook: 

Despite the pull back following a brief foray above 19000, the close above the upper Bollinger band signals range expansion and an upside gapped opening today. However, as maintained earlier, visibility past 19070- 19200 is limited at this point. Towards this end, we would be watchful of formation of exhaustion candles once in this region, though there are no signs towards the same as yet, to stay away from the upside attempts today. However, any pull back below 18940 will have to be treated as a bear sign.  

Derivative:

Nifty weekly contract has highest open interest at 19500 for Calls and 18900 for Puts while monthly contracts have highest open interest at 19500 for Calls and 18000 for Puts. Highest new OI addition was seen at 19500 for Calls and 18900 for Puts in weekly and at 20300 for Calls and 19000 for Puts in monthly contracts. FIIs increased their future index long position holdings by -16.26%, increased future index shorts by -35.24% and in index options by - 42.13% in Call longs, -43.96% in Call short, -54.53% in Put longs and -42.62% in Put shorts. 

USD-INR outlook:

Sideways moves have persisted with in the last few days, with bias favouring upswings ever so lightly, as we could dips being bought into on approach to 81.9. We will continue to look for break of 81.9-82.1 to begin taking a side, and a directional move is expected very shortly.  

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