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

Nifty outlook:  

A few oscillators have peaked, but then, this being the attending stage, such signals may mean less. Patterns and some of the momentum indicators point to further strength, encouraging us to enter the 18750-887 region with a positive frame of mind, despite pencilling it as a potential consolidation region yesterday. For downside protection, 18660 would certainly be enough as the marker, but should Nifty show reluctance to float above18700 today, the vulnerability of 18660 would increase manifold in the coming days.

Derivative:

Nifty weekly contract has highest open interest at 18900 for Calls and 18600 for Puts while monthly contracts have highest open interest at 19000 for Calls and 18000 for Puts. Highest new OI addition was seen at 18850 for Calls and 18700 for Puts in weekly and at 18700 for Calls and 18700 for Puts in monthly contracts. FIIs increased their future index long position holdings by 23.45%, increased future index shorts by 8.08% and in index options by 19.67% in Call longs, 21.93% in Call short, 22.37% in Put longs and 44.45% in Put shorts.

USD-INR outlook:

The initial pull back found enough buying interest from the 82.50 vicinity, without much drama. But the stage is now set for an expansion in trading range with 82.62-82.38 as the minor range and 82.75-82.25 as the former ranger that needs to be broken for directional moves.

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