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Views On Morning Nifty and Derivative comments 1 September 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook: 

The recovery swing higher in the closing hour raises feeble hopes towards upsides, whose prospects will depend on ability to float above 19293. Alternatively, direct fall below 19265 will again rekindle fears of 18800 or 18300, but the prospects of an outright collapse look limited. Intermediate support is seen at 19175. Meanwhile upswings have room till 19500, once 19367 is cleared. - Read more

Derivative:

Nifty weekly contract has highest open interest at 19300 for Calls and 19250 for Puts while monthly contracts have highest open interest at 19300 for Calls and 19250 for Puts. Highest new OI addition was seen at 19250 for Calls and 19250 for Puts in weekly and at 19250 for Calls and 19250 for Puts in monthly contracts. FIIs increased their future index long position holdings by -31.07%, increased future index shorts by -43.44% and in index options by -55.33% in Call longs, -36.96% in Call short, -58.99% in Put longs and -45.18% in Put shorts. - Read more

USD-INR Outlook:

Recovery attempts continue, but limited to 82.8 as expected. Upsides momentum appears to be increasing, prompting us to expect a spurt to 83.09, if 82.8 gives away. The prospects of downside break would be renewed only on push below 82.5. - Read more

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