01-11-2023 10:37 AM | Source: Geojit Financial Services
Morning Nifty and Derivative comments 01 November 2023 By Anand James, Geojit Financial Services
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Views On Morning Nifty and Derivative comments 01 November 2023 by Anand James - Chief Market Strategist at Geojit Financial Services
Nifty outlook:
The pull back that ensued after coming close to the 19250 objective, reversed on test of 19070, which was pencilled in yesterday to contain dips yesterday. Favoured view however sees relief to be short lived, leading to extended slide towards 18940. Alternatively, push beyond 19120 could dilute the bearish bias, but it would require a push above 19250 to lend momentum to upside attempts. - Read more
Derivative outlook:
Nifty weekly contract has highest open interest at 19200 for Calls and 19000 for Puts while monthly contracts have highest open interest at 20000 for Calls and 19000 for Puts. Highest new OI addition was seen at 19200 for Calls and 19100 for Puts in weekly and at 19200 for Calls and 19200 for Puts in monthly contracts. FIIs increased their future index long position holdings by 11.94%, increased future index shorts by 1.40% and in index options by 7.77% in Call longs, 2.69% decrease in Call short, 1.53% increase in Put longs and 16.83% decrease in Put shorts. - Read more
USD-INR outlook:
Expect to begin the day on a flat note, with 83.3 and 83.14 remaining the immediate range. Breakout range is seen as 83.4 and 83 a breach of which is required to bring in speed. Inability to float above 83.2 could render the bias weak. - Read more
Above views are of the author and not of the website kindly read disclaimer
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