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

Nifty outlook:  

A brief foray into the 18217 vicinity pencilled in as an important support, attracted enough buying interest that would finally push Nifty above a declining broadening wedge in the closing moments. While this leaves us with a potential target of 18500, we would wait for a push above 18326/50 before committing today on the upside. Meanwhile, inability to clear this region, or an outright slippage past 18286 could signal profit booking.

Derivative:

Nifty weekly contract has highest open interest at 18500 for Calls and 18200 for Puts while monthly contracts have highest open interest at 18500 for Calls and 18000 for Puts. Highest new OI addition was seen at 18500 for Calls and 18300 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 5.72%, increased future index shorts by 7.55% and in index options by -6.25% in Call longs, 4.75% in Call short, -12.02% in Put longs and 4.41% in Put shorts.

USD-INR outlook:

Slippage past 81.97 diffused the upside momentum, rendering the trend sideways again. Should 81.85 hold, expect another upswing, which though is less likely to be directional, until 82.2 is broken.   

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