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Views On Morning Nifty and Derivative comments 22 August 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook: 

The bounce off the 50dma in the last few days encouraged a push beyond the critical 19346-377 region yesterday, pointing to bullish undercurrents. Plenty of resistances ahead shall ensure that it will not be an easy rise though, as evidenced by last hour selling from the top. Yet, we may play for a 19460-520 move, as long as slippages do not stretch past 19371-57 region. Else, expect a consolidation, but with previously projected objectives of 19258 or 19060- 18900 not expected right away. - Read more

Derivative:

Nifty weekly contract has highest open interest at 19400 for Calls and 19300 for Puts while monthly contracts have highest open interest at 19500 for Calls and 19000 for Puts. Highest new OI addition was seen at 19500 for Calls and 19350 for Puts in weekly and at 19600 for Calls and 19400 for Puts in monthly contracts. FIIs increased their future index long position holdings by 2.47%, increased future index shorts by -0.75% and in index options by 9.35% in Call longs, 14.46% in Call short, 9.51% in Put longs and 23.85% in Put shorts. - Read more

USD-INR Outlook:

Momentum went missing yesterday again, but with consolidation failing to breach the 83-82.9 supports. This keeps the 83.7 to 84.5 move intact, with downside marker placed at 82.9. - Read more

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