IGI Logo

Views On Morning Nifty and Derivative comments 21 July 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook: 

Nifty breezed past the 19950 objective lined up yesterday, with no visible signs of exhaustion yet. The only possible signs of vulnerability is that the last 200 point ascent has unfolded without as much volume as that seen around 19770. We will play this construct by maintaining an upside view, as long as dips are held above 19910. However, inability to push beyond 19970 on the bounce, or a direct slippage past 19880, may sign weakness, but not necessarily a drop all the way to 19770. Prospects of 20050- 120 in the coming days will be alive as long as Nifty manages a close above 19880-910. - Read more

Derivative:

Nifty weekly contract has highest open interest at 20000 for Calls and 19900 for Puts while monthly contracts have highest open interest at 20000 for Calls and 19800 for Puts. Highest new OI addition was seen at 20000 for Calls and 19950 for Puts in weekly and at 20500 for Calls and 19800 for Puts in monthly contracts. FIIs increased their future index long position holdings by 10.07%, increased future index shorts by 7.59% and in index options by - 28.28% in Call longs, -29.93% in Call short, -42.64% in Put longs and -33.46% in Put shorts. - Read more

USD-INR outlook:

Downswings attempted to dominate on anticipated lines, but with moves remaining lacklustre, 81.9 continues to be a good support. We continue to expect swings on either sides of 82.04, with prospects of breakout if 82.2 or 81.9 is penetrated. - Read more

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