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Views On Morning Nifty and Derivative comments 08 August 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook: 

The pause near 19620 is very much on anticipated lines, but the patterns thereof have hardly showed any reversal signs as such. In other words, while 19620 appears as an uptrend killer as previously pencilled in, there are enough signals to play for continuation of ongoing uptrend. We prefer to negotiate this situation by having downside marker at 19590/570 while playing for 19740s again. Further, supports at 19540/490/450/415 shall effectively rule out a collapse. - Read more

Derivative:

Nifty weekly contract has highest open interest at 20000 for Calls and 19500 for Puts while monthly contracts have highest open interest at 19800 for Calls and 19300 for Puts. Highest new OI addition was seen at 20000 for Calls and 19550 for Puts in weekly and at 19900 for Calls and 19600 for Puts in monthly contracts. FIIs increased their future index long position holdings by -6.77%, increased future index shorts by -11.15% and in index options by 25.16% in Call longs, 14.43% in Call short, 24.32% in Put longs and 26.08% in Put shorts. - Read more

USD-INR outlook:

The dips yesterday failed to gain much momentum, allowing clustering around 82.7-82.8. This sets up environment for an early return to upside trajectory. We will play for 82.90 as long as 82.65 holds. - Read more

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