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Views On Morning Nifty and Derivative comments 05 September 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook: 

The 19540 target that we had set out with last week having achieved, the prospects of a pull back need to be weighed, even as we remain optimistic about the extended target of 19790. Expect buying interest to surface initially on dips to 19496, but repeated inability to scale 19536/45 region on the bounce could be taken as a signal towards liquidation pressure. A complete reversal however, need not be expected as long as above 19367. - Read more

Derivative:

Nifty weekly contract has highest open interest at 19700 for Calls and 19400 for Puts while monthly contracts have highest open interest at 20000 for Calls and 19000 for Puts. Highest new OI addition was seen at 19700 for Calls and 19500 for Puts in weekly and at 20000 for Calls and 19500 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 2.37%, decreased future index shorts by 5.44% and in index options was increased by 23.11% in Call longs, 4.33% in Call short, 22.28% in Put longs and 7.66% in Put shorts. - Read more

USD-INR Outlook:

Positive bias has continued to persist, even though it has played out only as brief upticks. As maintained yesterday, upsides look limited to 82.93 though, with major support tibelow 82.5 seen at 82.2. - Read more

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