Market Watch: Tech stocks lead rebound in US Says Anand James, Geojit Financial Services
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Views On Morning Nifty and Derivative comments 28 June 2023 by Anand James - Chief Market Strategist at Geojit Financial Services
Nifty outlook:
Look to enter longs on dips to 18786 with eyes on 19000 as the immediate objective, though there is a fair chance of 18887 to attempt a pause, yet again. Alternatively, slippage past 18767 would render the trend sideways, with remote chances of a collapse.
Derivative:
Nifty weekly contract has highest open interest at 18900 for Calls and 18700 for Puts while monthly contracts have highest open interest at 18900 for Calls and 18700 for Puts. Highest new OI addition was seen at 18950 for Calls and 18700 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 45.08%, increased future index shorts by 8.11% and in index options by -5.46% in Call longs, 14.46% in Call short, -21.89% in Put longs and 14.57% in Put shorts.
USD-INR outlook:
Upswings were too feeble to kick in any momentum, but trades sustained above 81.9. We will look for break of 81.9-82.1 to begin taking a side. Un?l then, expect sideways bias to prevail.
Above views are of the author and not of the website kindly read disclaimer
