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Views On Morning Nifty and Derivative comments 09 August 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook: 

The 19620-19670 has turned out every bit the barrier that it was expected to be when the relief rally was spotted on Thursday. But as maintained yesterday, the presence of multiple supports at 19540/490/450/415 encourages us to look away from the prospects of a collapse towards 18900. And yet, we will begin the day with a negative bias, especially as long as below 19578, but with hopes that dips to 19500 will provide a window for bulls to regroup and get back to the 19740 trajectory. - 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 19800 for Calls and 19600 for Puts. Highest new OI addition was seen at 19600 for Calls and 19300 for Puts in weekly and at 19600 for Calls and 19600 for Puts in monthly contracts. FIIs increased their future index long position holdings by -1.34%, increased future index shorts by -7.06% and in index options by 3.14% in Call longs, -0.66% in Call short, 1.36% in Put longs and -8.95% in Put shorts. - Read more

USD-INR outlook:

Upside attempts lingered on, but momentum continued to be absent. While we continue to play for 82.90, dips to 82.65 may be expected. - Read more

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