IGI Logo

Views On Morning Nifty and Derivative comments 12 May 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook:  

While bearishness has set in, it is not fully formed. As Long as above 18265, expect upside hopes to be alive, but it would require a push above 18315/50 to shrug off bearish vibes. Meanwhile, downside moves will need a break of 18217 to gain momentum. In other words, we begin today with a sideways bias inside 18265-18315, with a fair possibility of expanding into the 18217-18350 band, but with limited expectations of directional move.  

Derivative:

Nifty weekly contract has highest open interest at 18300 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 18300 for Calls and 18250 for Puts in weekly and at 18300 for Calls and 18300 for Puts in monthly contracts. FIIs increased their future index long position holdings by 1.12%, increased future index shorts by 8.36% and in index options by -30.07% in Call longs, -25.09% in Call short, -47.88% in Put longs and -39.33% in Put shorts.

USD-INR outlook:

With 81.85 holding, an upswing evolved on anticipated lines. But as maintained yesterday this is less likely to be directional, untl 82.2 is broken. We see 81.97-82.10 as a consolidation band. 

Above views are of the author and not of the website kindly read disclaimer