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Views On Morning Nifty and Derivative comments 25 August 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook: 

Rejection trades emerged as feared, on reaching the extended target of 19570 yesterday. The surprising depth of the pull back has renewed the prospects of 19060-18900 or even 18600-18300, as the downside objectives, but we pin our hopes on the 19280 region to step in and offer bargain buying support today. A direct fall below 19250 or inability to reclaim 19420 will signal resumption of the 18300 slide. - 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 18650 for Puts in weekly and at 19500 for Calls and 19500 for Puts in monthly contracts. FIIs increased their future index long position holdings by -4.25%, increased future index shorts by 1.94% and in index options by -51.92% in Call longs, -37.65% in Call short, -58.00% in Put longs and -53.19% in Put shorts. - Read more

USD-INR Outlook:

Though the downsides slowed down, inability to stage any meaningful pull back keeps 82.45 in play. Unless we get back above 82.7, expect continued slippage towards 82.2. - Read more

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