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Views On Morning Nifty and Derivative comments 28 July 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook: 

Despite a positive opening, inability to convincingly breach the upper boundary of the 19770-840 band, which we had marked down as pivotal region, led to a liquidation spree that stretched through the day, until 19620 stepped in to arrest further free fall. The swing thereof and a close near 19700 encourages us to go in today expecting positivity and get back to the 20160 trajectory. However, expect bears to dominate if unable to clear 19770 or float above 19670, but a free fall is less expected. - Read more

Derivative:

Nifty weekly contract has highest open interest at 19700 for Calls and 19600 for Puts while monthly contracts have highest open interest at 19700 for Calls and 19600 for Puts. Highest new OI addition was seen at 19650 for Calls and 19600 for Puts in weekly and at 19650 for Calls and 19600 for Puts in monthly contracts. FIIs increased their future index long position holdings by -33.28%, increased future index shorts by -5.79% and in index options by - 43.47% in Call longs, -41.37% in Call short, -47.17% in Put longs and -45.03% in Put shorts. - Read more

USD-INR outlook:

A swing higher again, without disturbing the 81.75 vicinity, indicates that a potential upside break beyond 82.2 is evolving. We will go in today looking enter a 82.5 move, eyes on 82.04 or 81.9 as the downside marker. - Read more

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