IGI Logo

Views On Morning Nifty and Derivative comments 19 July 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook: 

Bears remained dominant for most part, but the bulls managed larger strides, even though they were restricted to the opening as well as the closing hour. This also meant that the bearish objectives were under achieved. Formation of a weak hammer pattern in the daily periodicity allows bears to stay close, but will need a confirmation from a close below 19750. Else, the default trajectory continues to point higher with 19850-950 as the nearest objectives. Alternatively, prospects of 19460 as the bearish objective will emerge stronger, if 19668-620 supports get broken. - 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 20300 for Calls and 19200 for Puts in weekly and at 20200 for Calls and 19700 for Puts in monthly contracts. FIIs increased their future index long position holdings by 2.83%, increased future index shorts by -1.67% and in index options by -7.42% in Call longs, -15.44% in Call short, -6.97% in Put longs and -24.71% in Put shorts. - Read more

USD-INR outlook:

Sideways bias remained as expected, with practically no momentum, in stark contrast to the large swings of the last fortnight. The 82.2 region will continue to be the upside marker, while downsides may be limited to 81.9 or 81.75, but expect a feeble positive bias to persist today, while above 82.04. - Read more

Above views are of the author and not of the website kindly read disclaimer