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Views On Morning Nifty and Derivative comments 24 July 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook: 

Though Friday saw a close below VWAP, we are inclined to attach more importance to how the 10D SMA stepped in to arrest the sharp falls. This encourages us to expect Nifty recouping all of Friday’s loss and aim for 20160. Alternatively, inability to float above 19770-840 region, or a direct fall past 19700 could be taken as signal towards more weakness, with first objective at 19460. An outright collapse is less expected though. - Read more

Derivative:

Nifty weekly contract has highest open interest at 19900 for Calls and 19000 for Puts while monthly contracts have highest open interest at 19900 for Calls and 19000 for Puts. Highest new OI addition was seen at 19900 for Calls and 19650 for Puts in weekly and at 19900 for Calls and 19650 for Puts in monthly contracts. FIIs increased their future index long position holdings by -4.89%, increased future index shorts by 9.29% and in index options by 55.35% in Call longs, 40.67% in Call short, 107.99% in Put longs and 30.81% in Put shorts. - Read more

USD-INR outlook:

Moves have remained lacklustre through last week, with swings seen on either sides 82.04. We will continue to be on the look out for a break of either 82.2 or 81.9 to spot a sizeable move. - Read more

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