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Views On Morning Nifty and Derivative comments 26 July 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook: 

As maintained in the last two days, reclaiming of 19770-840 region is critical for Nifty towards resuming the 20160 trajectory. Until then, Nifty could continue show tendencies to resume the ongoing slide with eyes on 19460. However, fall in VIX as well as a hammer candlestick pattern formed yesterday, raises the hopes that the downtrend that has been on since coming close to 20k last week, is about to reverse. Towards this end, we will look to play upsides while above 19675, with downside marker at 19620. - Read more

Derivative:

Nifty weekly contract has highest open interest at 19800 for Calls and 19500 for Puts while monthly contracts have highest open interest at 19800 for Calls and 19500 for Puts. Highest new OI addition was seen at 19700 for Calls and 19450 for Puts in weekly and at 19700 for Calls and 19450 for Puts in monthly contracts. FIIs increased their future index long position holdings by -2.91%, increased future index shorts by 7.94% and in index options by 11.68% in Call longs, 2.14% in Call short, 1.77% in Put longs and -13.77% in Put shorts. - Read more

USD-INR outlook:

After achieving the 81.75 objective, downsides eased, allowing a pull back. If early dips are held above 81.82, expect upswings today to aim for 82-82.15. We will wait for push below 81.5 to play strong downsides. - Read more

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