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

Nifty outlook: 

Nifty swung on either sides of 19380, the key pivot discussed yesterday, without giving any directional cues. This was not expected, with opening burst negating almost all of the negative vibes that Friday attempted to bring forward. However, we feel that the 19660 view now needs to be played on only on rise above 19455 or on substantial dips. Inability to hold above 19355/78 today or a direct fall below 19300 could initiate a liquidation spree, but we feel that an upswing could re initiate before fully achieving the 18125-085-18900 objectives. Shorts are hence advised to be careful on approaching 19230. - Read more

Derivative:

Nifty weekly contract has highest open interest at 19500 for Calls and 19400 for Puts while monthly contracts have highest open interest at 19500 for Calls and 19000 for Puts. Highest new OI addition was seen at 19700 for Calls and 19350 for Puts in weekly and at 19800 for Calls and 19400 for Puts in monthly contracts. FIIs increased their future index long position holdings by -3.16%, increased future index shorts by 10.11% and in index options by 92.76% in Call longs, 31.82% in Call short, 104.87% in Put longs and 13.63% in Put shorts. - Read more

USD-INR outlook:

A consolidation is underway after large upsides in the previous few days. Our preferred reversal point now is 82.41, but consolidation in the 82.50 region could be enough to initiate another wave of upswings. However, inability to float above 82.5could initiate weakness. - Read more

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