Morning Nifty and Derivative comments 24 May 2023 By Anand James, Geojit Financial Services
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Views On Morning Nifty and Derivative comments 24 May 2023 by Anand James - Chief Market Strategist at Geojit Financial Services
Nifty outlook:
While Nifty puffed and huffed through resistances in the last couple of days, encouraging us to keep 18660 in the radar, the turn lower form the vicinity of recent peak,may be seen as a rejection trade. This may call for a pullback or a consolidation, but an outright reversal may not play out unless we see below 18200 on successive days.Meanwhile, expect upside bets to kick in today, if Niftymanages to float above 18282.
Derivative:
Nifty weekly contract has highest open interest at 18400 for Calls and 18300 for Puts while monthly contracts have highest open interest at 18400 for Calls and 18300 for Puts. Highest new OI addition was seen at 18400 for Calls and 18300 for Puts in weekly and at 18400 for Calls and 18300 for Puts in monthly contracts. FIIs increased their future index long position holdings by 10.16%, increased future index shorts by 2.06% and in index options by - 10.95% in Call longs, 2.08% in Call short, -16.18% in Put longs and 3.17% in Put shorts.
USD-INR outlook:
Despite the slow down, 82.7 remained intact retaining upside bias, and with it, the hopes of achieving 83-83.25 soon. Slippage past 82.7 would however lead to a consolida?on with supports seen at 82.55 and 82.5.
Above views are of the author and not of the website kindly read disclaimer
