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Below On Morning Nifty and Derivative comments 18 August 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook: 

Despite sustained efforts to attempt upsides, last few days have ended either with lower highs, or lower lows, pointing at the underlying bearishness. Thus with the downside objectives of 19258, 19060-18900 or even 18600, firmly in play, we would require a close back above 19300 to signal prospects of reversal. Intraday pull back into the 19346-377 region could also be treated as a sign towards that end. The prospects of an outright collapse look limited though, given subdued rise in VIX. - Read more

Derivative:

Nifty weekly contract has highest open interest at 19400 for Calls and 19350 for Puts while monthly contracts have highest open interest at 19400 for Calls and 19350 for Puts. Highest new OI addition was seen at 19400 for Calls and 19350 for Puts in weekly and at 19400 for Calls and 19350 for Puts in monthly contracts. FIIs increased their future index long position holdings by 3.36%, increased future index shorts by 2.63% and in index options by -45.93% in Call longs, -40.29% in Call short, -49.92% in Put longs and -55.89% in Put shorts. - Read more

USD-INR Outlook:

We continue to look for a breach of 83.26 to confirm a large breakout that could potentially aim for 85.4-87. Until then the prospects of a turn lower may be played for, with 83-82.9 as the nearest objectives. - Read more

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