Morning Nifty and Derivative comments 06 September 2023 By Anand James, Geojit Financial Services
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Views On Morning Nifty and Derivative comments 06 September 2023 by Anand James - Chief Market Strategist at Geojit Financial Services
Nifty outlook:
We have reached the upper extremity of a one month trading range in less than four days, explaining the resistance to upsides yesterday. Though upside momentum persists, entry into the 19580-630 region could attract rejection trades again, which now stands in the way of achieving our target of 19790. Yet, we may retain upside hopes as long as above 19556, while slippage past 19496 could push Nifty back into a consolidation mode. - Read more
Derivative:
Nifty weekly contract has highest open interest at 19600 for Calls and 19500 for Puts while monthly contracts have highest open interest at 20000 for Calls and 19000 for Puts. Highest new OI addition was seen at 20000 for Calls and 19500 for Puts in weekly and at 19600 for Calls and 19500 for Puts in monthly contracts. FIIs increased their future index long position holdings by 0.10%, decreased future index shorts by 2.23% and in index options by 26.23% in Call longs, 18.17% in Call short, 1.07% in Put longs and decrease 5.97% in Put shorts. - Read more
USD-INR Outlook:
Having exceeded our upside objective of 82.93, the prospects of a retest of the record peak of 83.44 have risen, with intermediate resistance seen at 83.2 and support at 82.78. - Read more
Above views are of the author and not of the website kindly read disclaimer
