Morning Nifty and Derivative comments 12 July 2023 By Anand James, Geojit Financial Services
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Views On Morning Nifty and Derivative comments 12 July 2023 by Anand James - Chief Market Strategist at Geojit Financial Services
Nifty outlook:
Yet another shooting star candlestick formation tilts bias towards downsides. However, given how Nifty has swung on either sides of key pivots 19380, indecision is high, even though low VIX has kept the ranges narrow. Hence we would go in today, looking to play directional moves only if beyond 19500-300 band, but with bias tilted towards downsides aiming 19230-125-19085, especially if 19420-380 region fails to hold. - 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 19500 for Calls and 19500 for Puts in weekly and at 19500 for Calls and 19500 for Puts in monthly contracts. FIIs increased their future index long position holdings by -0.84%, increased future index shorts by -2.16% and in index options by - 1.19% in Call longs, 2.35% in Call short, -12.38% in Put longs and 6.40% in Put shorts. - Read more
USD-INR outlook:
Inability to float above 82.5 gave a weak bias, instead of the “buy on dips” approach that was favoured, given the recent breakout move. Expect weakness to persist, but 82.22 region is likely to invite fresh buying. - Read more
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