Morning Nifty and Derivative comments 10 May 2023 By Anand James, Geojit Financial Services
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Views On Morning Nifty and Derivative comments 10 May 2023 by Anand James - Chief Market Strategist at Geojit Financial Services
Nifty outlook:
Though 18350 put a stop to upsides as expected, the downswing thereof failed to breach the 18217-188region. Until then, the 18066-17800 move may have to be kept aside. However, expect bears to keep upsides restrained to 18267-79 initially. Successful Trades above this region, may force us to reconsider the view that we may have seen a top at 18350.
Derivative:
Nifty weekly contract has highest open interest at 18300 for Calls and 18200 for Puts while monthly contracts have highest open interest at 19000 for Calls and 18000 for Puts. Highest new OI addition was seen at 18350 for Calls and 17800 for Puts in weekly and at 18600 for Calls and 18300 for Puts in monthly contracts. FIIs increased their future index long position holdings by 0.54%, increased future index shorts by 6.56% and in index options by -5.15% in Call longs, -5.29% in Call short, -2.28% in Put longs and -10.50% in Put shorts.
USD-INR outlook:
Upside momentum kicked in yesterday, on anticipated line, exceeding our second target of 82.07. The steepness of the rise warns of a pull back, but if 81.97 holds, expect upsides to challenge 82.2, a critical resistance. Alternatively, slippage past 81.97 will call for sideways trades with negative bias.
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