Morning Nifty and Derivative comments 06 July 2023 By Anand James, Geojit Financial Services
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Views On Morning Nifty and Derivative comments 06 July 2023 by Anand James - Chief Market Strategist at Geojit Financial Services
Nifty outlook:
Several downside attempts unfolded on anticipated lines, but none of them attained the momentum required to go all the way to our objective of 19125. The consequent pull back thereof lends a neutral bias to start with, today, but we are inclined to pursue the downside prospects as indicated by the spinning top on the previous day. As maintained yesterday, this view will be invalidated, if 19320-250 region holds in the event of a slippage, or if 19479 is breached during upside attempts.
Derivative:
Nifty weekly contract has highest open interest at 19500 for Calls and 19300 for Puts while monthly contracts have highest open interest at 19500 for Calls and 19000 for Puts. Highest new OI addition was seen at 19500 for Calls and 19350 for Puts in weekly and at 20000 for Calls and 19000 for Puts in monthly contracts. FIIs increased their future index long position holdings by 3.51%, increased future index shorts by 0.98% and in index options by 0.21% in Call longs, -3.02% in Call short, 17.53% in Put longs and 2.59% in Put shorts.
USD-INR outlook:
The upside bias that we had pointed out yesterday ended up far exceeding our upside objective of 82.1. Having broken above the fortnightly range, there is room for upside till 82.48, which may be pursued, as long as dips do not stretch past 82.2.
Above views are of the author and not of the website kindly read disclaimer
