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Views On Morning Nifty and Derivative comments 14 July 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook: 

Nifty broke above the recent range yesterday and even pushed beyond 19479, our upside reversal point. Yet, the loss in momentum thereof, alongside a rise in VIX encourages us to pursue the bearish signals that Nifty had given out early in the week. However, expect positivity to linger on, if slippages do not extend beyond 19425, but an outright fall below 19380 could aim for 19230. 

Derivative:

Nifty weekly contract has highest open interest at 19500 for Calls and 19400 for Puts while monthly contracts have highest open interest at 19500 for Calls and 19000 for Puts. Highest new OI addition was seen at 20300 for Calls and 19450 for Puts in weekly and at 19400 for Calls and 19000 for Puts in monthly contracts. FIIs increased their future index long position holdings by 6.83%, increased future index shorts by 3.38% and in index options by -30.43% in Call longs, -29.17% in Call short, -41.91% in Put longs and -38.77% in Put shorts.

USD-INR outlook:

The 82.48 objective that he had set out with yesterday turns out to be modest, as USDINR appears to be sprinting towards the 83.25 vicinity again. Four days of rapid rise warrants a pull back though, but expect return to the 82.75-82.90 trajectory, as long as 82.5 holds downsides.   

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