Morning Nifty, Derivative and Rupee comments 04 May 2023 By Anand James, Geojit Financial Services
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Views On Morning Nifty, Derivative and Rupee comments 04 May 2023 by Anand James - Chief Market Strategist at Geojit Financial Services
Nifty outlook:
The negative divergence in MACD hinted yesterday, as well as an evening star pattern points to a corrective move lower. But, favoured view expects this to turn into a bear trap aiming 18200, should slippages not extend beyond 18010. If below, expect bear grip to tighten, until 17960-17885 or 17708 is achieved.
Derivative:
Nifty weekly contract has highest open interest at 18200 for Calls and 18000 for Puts while monthly contracts have highest open interest at 18500 for Calls and 17500 for Puts. Highest new OI addition was seen at 18250 for Calls and 17750 for Puts in weekly and at 18200 for Calls and 17900 for Puts in monthly contracts. FIIs increased their future index long position holdings by -9.31%, increased future index shorts by 12.01% and in index options by 6.76% in Call longs, 12.78% in Call short, -0.06% in Put longs and 12.02% in Put shorts.
USD-INR outlook:
We will begin with a downside bias, but if 81.55 holds, expect upswings to 81.75-81.95 again. A close below 81.55 could expose 80.85
Above views are of the author and not of the website kindly read disclaimer
