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Views On Morning Nifty and Derivative comments 15 June 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook:  

Expect consolidation in the 18740 vicinity with eyes on 18887-19000-19070, but a vertical upside is less expected. While downside attempts are likely to be curbed at 18708 initially, it might give away, should it be attacked in the second half, exposing 18600.

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 18850 for Calls and 18700 for Puts in weekly and at 19100 for Calls and 18700 for Puts in monthly contracts. FIIs increased their future index long position holdings by 14.57%, increased future index shorts by 4.12% and in index options by 26.09% in Call longs, 20.17% in Call short, 41.41% in Put longs and 32.00% in Put shorts.

USD-INR outlook:

Having stretched to 81.96, the second objective we had pencilled in earlier this week, a mean reverting pull back is likely to be in play. If such moves are curbed at 82.20-82.30, expect 81.75 in a few days. Favoured view, however, expect 82.2-82.30 to give away.   

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