IGI Logo

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

Nifty outlook:  

The profit booking spree of Friday slowed towards the closing moments, raising recovery hopes. That said ,volatility is likely to be the key actor today. Expectinitial swings inside 18000-18100. Post this phase, expect upswings to 18130-170 before bears regroupagain. Alternatively, outright rise above 18250 or sharp fall to 17800 could encourage bulls again.  

Derivative:

Nifty weekly contract has highest open interest at 18200 for Calls and 18200 for Puts while monthly contracts have highest open interest at 18500 for Calls and 18000 for Puts. Highest new OI addition was seen at 19100 for Calls and 17900 for Puts in weekly and at 18100 for Calls and 18100 for Puts in monthly contracts. FIIs increased their future index long position holdings by 3.24%, increased future index shorts by 12.64% and in index options by 113.72% in Call longs, 43.48% in Call short, 188.02% in Put longs and 35.49% in Put shorts.

USD-INR outlook:

Momentum continues to be missing. But feeble upside bias persists as long as above 81.6 with prospects of gaining momentum, if above 81.8. Meanwhile, a close below 81.55 could expose 80.85 as maintained last week.   

Above views are of the author and not of the website kindly read disclaimer