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Views On Morning Nifty and Derivative comments 02 August 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook: 

The 19800 region, a break of which we were looking for inorder to play a flag breakout, remained firm, turning down upside attempts. Fortunately, the slippages thereon were restricted to 19720, the downside pivot pencilled in yesterday, retaining the 20600 trajectory. However, inability to float above 19745 early today, might facilitate yet another attack on the 19720-695 band, a break of which could let the bears dominate and make intraday recovery difficult. - Read more

Derivative:

Nifty weekly contract has highest open interest at 19800 for Calls and 19600 for Puts while monthly contracts have highest open interest at 19800 for Calls and 19600 for Puts. Highest new OI addition was seen at 19800 for Calls and 19700 for Puts in weekly and at 19800 for Calls and 19700 for Puts in monthly contracts. FIIs increased their future index long position holdings by 0.22%, increased future index shorts by 3.95% and in index options by 11.53% in Call longs, 2.25% in Call short, 23.03% in Put longs and -1.36% in Put shorts. - Read more

USD-INR outlook:

With consolidation led retracements not slipping beyond 82.14, as hoped yesterday, the 82.5 trajectory remains intact, and we are well set to make a leap higher in a day or two. Alternatively, inability to make much headway above 82.3 or slippage past 82.14 will significantly erode the upside prospects, but an outright collapse is less expected with 82.04 and 81.9 ready to step in. - Read more

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