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Below On Morning Nifty and Derivative comments 17 August 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook: 

The pull back above 19386 yesterday, after the initial scare, effectively arrested a down move that could have potentially evolved into a major fall. However the recovery move was timed out and thus failed to close above 19460 region leaving us again without an upside confirmation, just as Monday. The green inverted hammer formed in the closing hour points to another day of consolidation today, but not necessarily an outright fall. We will continue to retain hopes of 19520-670 as maintained yesterday, a but direct fall below 19360 could again expose 19258, 19060- 18900 or even 18600. - Read more

Derivative:

Nifty weekly contract has highest open interest at 19600 for Calls and 19300 for Puts while monthly contracts have highest open interest at 19600 for Calls and 19300 for Puts. Highest new OI addition was seen at 19400 for Calls and 19300 for Puts in weekly and at 19400 for Calls and 19300 for Puts in monthly contracts. FIIs increased their future index long position holdings by 1.50%, increased future index shorts by 0.20% and in index options by 11.59% in Call longs, 19.29% in Call short, 20.64% in Put longs and 21.62% in Put shorts. - Read more

USD-INR Outlook:

Just as in most months since October 2022, we are back again in the 83.26 vicinity, a breach of which would be required to confirm a large breakout that could potentially aim for 85.4-87. Alternatively, inability to scale the same, or an outright slippage past 82.9 could point to exhaustion. Read more

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