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

Nifty outlook: 

It may be tempting to dismiss the leap in the closing hours of Friday, given its brevity, but there is not much to signal a break in the ongoing uptrend. This prompts us to wait for atleast 19650, the measured objective of the range breakout, to actively look for bear signs. Alternatively, inability to float above 19545 could also signal weakness, but such an outcome is less expected to penetrate 19470, for now. - Read more

Derivative:

Nifty weekly contract has highest open interest at 20000 for Calls and 19500 for Puts while monthly contracts have highest open interest at 19500 for Calls and 19000 for Puts. Highest new OI addition was seen at 19750 for Calls and 19400 for Puts in weekly and at 19900 for Calls and 19500 for Puts in monthly contracts. FIIs increased their future index long position holdings by -1.41%, increased future index shorts by -6.22% and in index options by 3.57% in Call longs, -0.42% in Call short, 21.37% in Put longs and 18.82% in Put shorts. - Read more

USD-INR outlook:

Inability to push much below 81.9 despite the strong fall from the top, has now been followed by a tweezer bottom signalling reversal. One may wait for push above 82.22 for confirmation, but we are inclined to stay positive as long as above 81.9. - Read more

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