IGI Logo

Views On Morning Nifty and Derivative comments 14 July 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook: 

While the push past 19500 failed to attract upside momentum, the slippages held above 19380, restraining the downside momentum as well. And, despite all this volatility, the close back above 19420, identified yesterday as the key pivot, tilts the bias in favour of upsides. Look to play upsides with trades above 19460, but expect liquidation pressure to remerge on approach to 19550. We would also also be prepared to play the 19230-125-19085 move, should there be difficulty to float above 19460, but would seek confirmation from a break below 19360, given VIX’s slippage past 11. - Read more

Derivative :

Nifty weekly contract has highest open interest at 19600 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 19600 for Calls and 19400 for Puts in weekly and at 19800 for Calls and 19600 for Puts in monthly contracts. FIIs increased their future index long position holdings by -0.14%, increased future index shorts by 15.57% and in index options by - 28.80% in Call longs, -20.21% in Call short, -45.14% in Put longs and -26.56% in Put shorts. - Read more

USD-INR outlook:

While the swing higher was not unexpected, given consecutive days of slippages, the 82.22 region appear firm enough to re? sume downsides which now aim to push beyond the 81.9-81.75 support region, exposing 81.5-80.6. We will wait for push above 82.22 to revive upside hopes. - Read more

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