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Views On Morning Nifty and Derivative comments 29 August 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook: 

We had begun this week on a positive stance having ruled out a full blown collapse, despite last week being on slippery slope. While yesterday closed on a selling note, there was enough resilience on show to keep upside hopes alive. While downside markers will remain at either 19250 or 19170, we will look forward to a confirmation from a break of 19370 to play a repeat swing to 19540. Except swings on either sides of 19311 before a directional play is attempted, which is likely to take a while to evolve again. - Read more

Derivative:

Nifty weekly contract has highest open interest at 19500 for Calls and 19300 for Puts while monthly contracts have highest open interest at 19500 for Calls and 19300 for Puts. Highest new OI addition was seen at 19350 for Calls and 19300 for Puts in weekly and at 19350 for Calls and 19300 for Puts in monthly contracts. FIIs increased their future index long position holdings by 18.86%, increased future index shorts by 6.13% and in index options by 19.10% in Call longs, 19.07% in Call short, 6.85% in Put longs and 30.93% in Put shorts. - Read more

USD-INR Outlook:

Recovery attempts are on play, but they are expected to be limited to 82.8. If it holds, expect an extended downside to 82.2. Else, expect to get back into the 82.7-83 band again. - Read more

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