Morning Nifty and Derivative comments 05 June 2023 By Anand James, Geojit Financial Services
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Views On Morning Nifty and Derivative comments 05 June 2023 by Anand James - Chief Market Strategist at Geojit Financial Services
Nifty outlook:
The turn lower from 18660 has now stretched into the 18530-430 support region, allowing some deal of fightback from the bulls. While the turn of events is within expected lines, the longer we stay under 18530, the higher the threat of breach of 18430, despite it being quite a strong support. Expect sideways trades today, with sellers waiting to dominate on rise. Bulls will need an hour’s close or so above 18585 to tilt the bias in their favour.
Derivative:
Nifty weekly contract has highest open interest at 18600 for Calls and 18500 for Puts while monthly contracts have highest open interest at 19000 for Calls and 18000 for Puts. Highest new OI addition was seen at 18600 for Calls and 18500 for Puts in weekly and at 19300 for Calls and 18000 for Puts in monthly contracts. FIIs increased their future index long position holdings by -19.85%, increased future index shorts by 6.11% and in index options by 20.63% in Call longs, 20.02% in Call short, 30.11% in Put longs and 0.81% in Put shorts.
USD-INR outlook:
Momentum continues to be missing, forcing a turn lower yesterday. Upside prospects remain alive, but USD-INR needs to get back above 82.65 soon to retain those hopes, while a collapse is ruled out until 82.45 is breached.
Above views are of the author and not of the website kindly read disclaimer
