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

Nifty outlook: 

Even as bullish continuation patterns keep upside prospects alive, hourly charts have started to signal prospects of a swing lower. Inability to float above 19700 early in the day, should see Nifty slipping towards 19668 or 19620, with 19460 as the first landing point, should downsides gain momentum. We would now wait for a close beyond 19750 or substantial dips for fresh long entries.. - Read more

Derivative:

Nifty weekly contract has highest open interest at 20000 for Calls and 19600 for Puts while monthly contracts have highest open interest at 20000 for Calls and 19000 for Puts. Highest new OI addition was seen at 19900 for Calls and 19600 for Puts in weekly and at 20000 for Calls and 19600 for Puts in monthly contracts. FIIs increased their future index long position holdings by 2.91%, increased future index shorts by 3.01% and in index options by 15.61% in Call longs, 36.93% in Call short, 11.10% in Put longs and 52.76% in Put shorts. - Read more

USD-INR outlook:

Positivity lingered for most part of the day as expected, but failed to generate enough momentum to push beyond the key 82.22 region that we had marked down yesterday, towards confirming upsides. Inability to do so diffused the upside attempts, and we are back to the sideways bias, with 81.9 and 81.75 as key supports. - Read more

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