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

Nifty outlook: 

While we had gone in with positive expectations in the last two days, encouraging us to keep buying into dips, we feel it is time for the trend to show its strength. Else, wilt. We prefer to either stay away, or buy into rallies above 18870, while being prepared to come off longs, if unable to float above the same, which could call for 18700 again. Direct rise above 18870/87 region could call for 19040-70, with limited prospects of achieving the 19200 objective in a hurry.

Derivative:

Nifty weekly contract has highest open interest at 19000 for Calls and 18800 for Puts while monthly contracts have highest open interest at 19000 for Calls and 18800 for Puts. Highest new OI addition was seen at 18900 for Calls and 18800 for Puts in weekly and at 18900 for Calls and 18800 for Puts in monthly contracts. FIIs increased their future index long position holdings by -2.36%, increased future index shorts by -4.99% and in index options by 15.00% in Call longs, 12.12% in Call short, 23.35% in Put longs and 24.73% in Put shorts.

USD-INR outlook:

Slippage past 82.04 has made 81.9 vulnerable again, exposing 81.75-55. We do not expect a collapse though. We will retain upswing expectation, as long as 81.9 vicinity holds. 

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