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Views On Morning Nifty and Derivative comments 04 August 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook: 

 Yesterday, we had pencilled in 19280-19119-18900 as the support region that the ongoing down moves could aim for. Incidentally, the day’s carnage stopped just short of 19280, paving way for a retracement. Upside attempts today need to ensure that 19380 is intact, but expect 19415-450 also to be equally critical. With VIX easing towards close, further collapse is less expected today, but it would only mean volatility being postponed for next week, unless 19540 is cleared. - Read more

Derivative:

Nifty weekly contract has highest open interest at 19400 for Calls and 19300 for Puts while monthly contracts have highest open interest at 19400 for Calls and 19300 for Puts. Highest new OI addition was seen at 19400 for Calls and 19300 for Puts in weekly and at 19400 for Calls and 19300 for Puts in monthly contracts. FIIs increased their future index long position holdings by -8.55%, increased future index shorts by 30.68% and in index options by -43.22% in Call longs, -37.68% in Call short, -50.75% in Put longs and -52.38% in Put shorts. - Read more

USD-INR outlook:

Yesterday’s upside attempts were feeble and limited to 82.8 on anticipated lines. Uptrend appears intact, but as maintained yesterday, a directional move may be played for only on breach of 83.26. While consolidation continues, downside marker for upside plays may remain at 82.5 - Read more

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