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Views On Morning Nifty and Derivative comments 07 August 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook: 

The 19500 region helped the bulls regroup yesterday on anticipated lines, but the upswing thereof failed to muster enough momentum to clear 19670, identified as an important challenge when we first spotted the relief rally on Thursday. Expect opening moves to mirror that of yesterday, with downward bias dominating. Recovery attempts are likely to kick in, once below 19560, but slippage past 19530 will limit the upside prospects. Deeper supports are now seen at 19450/415/380 and further at 19280 and 18900. - Read more

Derivative:

Nifty weekly contract has highest open interest at 19800 for Calls and 19500 for Puts while monthly contracts have highest open interest at 19700 for Calls and 19500 for Puts. Highest new OI addition was seen at 19800 for Calls and 19500 for Puts in weekly and at 19700 for Calls and 19500 for Puts in monthly contracts. FIIs increased their future index long position holdings by -6.47%, increased future index shorts by 0.64% and in index options by 7.00% in Call longs, -5.51% in Call short, 13.84% in Put longs and -0.97% in Put shorts. - Read more

USD-INR outlook:

With momentum continuing to be missing, expect range bound trades on either sides of 82.83, with sizeable moves unfolding only on break beyond 82.90 or 82.65. - Read more

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