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

Nifty outlook:  

Last few days’ consolidation as well as slow pace of ascent may have acted as a bear trap. This should give more legs to the upmove, which now threatens to breach the record peak at 18887, with 19000-19070 also eyed in the next sprint. But key play today tomorrow would be about protecting downsides in the event of rejection trades. Towards this end, we will begin with 18690 or 18600 as the downside markers.

Derivative:

Nifty weekly contract has highest open interest at 18900 for Calls and 18700 for Puts while monthly contracts have highest open interest at 19000 for Calls and 18000 for Puts. Highest new OI addition was seen at 18900 for Calls and 18700 for Puts in weekly and at 19200 for Calls and 18700 for Puts in monthly contracts. FIIs increased their future index long position holdings by 126.80%, increased future index shorts by 209.86% and in index options by - 76.85% in Call longs, -78.47% in Call short, -84.89% in Put longs and -86.27% in Put shorts.

USD-INR outlook:

Having headed into the 82.35-82.25 region, the 81.96 support now stands exposed. But given the sharpness of the fall, as well as prevailing bias towards a range expectation, expect for a wild swing above as well, if pull back attempts manage to push above 82.40-82.5 band.    

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