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Views On Morning Nifty and Derivative comments 11 August 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook: 

The 19500 region came to the rescue again, but 19600 was equally ready to discourage all upside attempts. There is now enough time spent inside this region, to make these breakout levels, but with 19450 and 19670 offering additional reinforcements on either side. Favoured view expects bias to strengthen in favour of the prevailing uptrend, but we will not be inclined to persist with such view beyond today. We will go in today expecting early weakness and consolidation to be limited to 19556-40 region followed by a push higher. Inability to do so could see buyers withdrawing atleast until 19400 or 19235 is seen. - Read more

Derivative:

Nifty weekly contract has highest open interest at 19550 for Calls and 19500 for Puts while monthly contracts have highest open interest at 19600 for Calls and 19500 for Puts. Highest new OI addition was seen at 19550 for Calls and 19500 for Puts in weekly and at 19600 for Calls and 18500 for Puts in monthly contracts. FIIs increased their future index long position holdings by -4.44%, increased future index shorts by 11.79% and in index options by -53.26% in Call longs, -37.67% in Call short, -54.49% in Put longs and -45.73% in Put shorts. - Read more

USD-INR outlook:

Dips to 82.65 raises hopes of reviving upswing attempts towards 82.90. Brake of either extremities is expected to trigger a sizeable move, with 82.4 and 83.26 as critical levels on either sides. - Read more

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