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Below On Morning Nifty and Derivative comments 30 August 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook: 

Instead of the swings anticipated on either sides of 19311, Nifty stayed afloat this level through the day, prompting us to remain positive of seeing 19540, despite the repeated failure to breach the 19370 mark, which was pencilled in as an upside confirmation point. Downside markers could continue to be at 19250 or 19170, but aggressive traders may use 19311 as well. - 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 19400 for Calls and 19250 for Puts in weekly and at 19400 for Calls and 19250 for Puts in monthly contracts. FIIs increased their future index long position holdings by 17.50%, increased future index shorts by 7.00% and in index options by 20.73% in Call longs, 2.75% in Call short, 13.54% in Put longs and -8.37% in Put shorts. - Read more

USD-INR Outlook:

Recovery attempts continued to be on play yesterday, but not with signs of going all the way to 82.8 again. The play today would be to wait for dips to 82.5. Expect a bounce on initial approach, but a repeat attack on the same could set gates for 82.2. - Read more

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