IGI Logo

Below On Morning Nifty and Derivative comments 23 August 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook: 

The pull back that unfolded after initial momentum waned off, found support from the 19371-57 region pencilled in yesterday as critical to further upsides. This encourages us to continue playing for 19460- 520. Else, expect bears to begin dominating, eying previously projected objectives of 19258 and 19060-18900 or even 18600-18300, but a collapse is 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 19400 for Calls and 19150 for Puts in weekly and at 19400 for Calls and 18000 for Puts in monthly contracts. FIIs increased their future index long position holdings by -2.64%, increased future index shorts by -1.42% and in index options by 10.90% in Call longs, -7.65% in Call short, 9.59% in Put longs and -28.31% in Put shorts. - Read more

USD-INR Outlook:

Momentum continue to be absent. But even as the buyers have withdrawn on consecutive days, the 83-82.9 supports have held, keeping intact the prospects of a strong breakout aiming 83.7 to 84.5 initially. Downside marker remains at 82.9. - Read more

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