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Views On Morning Nifty and Derivative comments 27 July 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook: 

Though the reversal unfolded on anticipated lines, the pause inside the pivotal region of 19770-840 lends a neutral bias for opening today. Slippage if any, would have to be restricted above 19730 for ongoing upswings to retain momentum, while we would still require a break of 19840 to keep sight on the 20160 objective. Slippage below 19730 could however rekindle fears of 19460, but 19620 could continue to stand in the way of a free fall. - Read more

Derivative:

Nifty weekly contract has highest open interest at 20000 for Calls and 19700 for Puts while monthly contracts have highest open interest at 20000 for Calls and 19700 for Puts. Highest new OI addition was seen at 20050 for Calls and 19750 for Puts in weekly and at 20050 for Calls and 19750 for Puts in monthly contracts. FIIs increased their future index long position holdings by 4.31%, increased future index shorts by 2.78% and in index options by 0.00% in Call longs, -2.29% in Call short, 4.77% in Put longs and 10.39% in Put shorts. - Read more

USD-INR outlook:

Momentum fizzled off after achieving the first objective of 82, which brings the 81.9-81.75 pivots back into the picture. We will wait for a push below 81.5 to play strong downsides, while upside breakout point is placed at 82.2. - Read more

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