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Views On Morning Nifty and Derivative comments 14 June 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook:  

We shall begin the week with hopes of seeing 18770 intact, so that 19000-19070 objective may be eyed as a base case scenario and 19200 as an optimistic case. Alternatively, an outright fall back below 18770 will force us to rethink the upside prospects, though a plunge is less likely.

Derivative:

Nifty weekly contract has highest open interest at 18800 for Calls and 18700 for Puts while monthly contracts have highest open interest at 19000 for Calls and 18000 for Puts. Highest new OI addition was seen at 19100 for Calls and 18800 for Puts in weekly and at 19100 for Calls and 18800 for Puts in monthly contracts. FIIs increased their future index long position holdings by 9.25%, increased future index shorts by -4.96% and in index options by 35.71% in Call longs, 34.42% in Call short, 37.90% in Put longs and 71.16% in Put shorts.   

USD-INR outlook:

The ascending triangle is bracing for a downside break, which could lead to a systematic decline to 81.5-80.6, on a close below 81.9. However, the long legged doji on Friday, encourages us to play a reversal move aiming 82.15 initally.  

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