02-01-2024 09:56 AM | Source: Geojit Financial Services Ltd
Morning Nifty and Derivative comments 02 January 2024 By Anand James, Geojit Financial Services
Views On Morning Nifty and Derivative comments 2 January 2023 by Anand James - Chief Market Strategist at Geojit Financial Services
Nifty outlook:
After coming close to the 21860 objective that we had pencilled in last week a turn lower ensued, underscoring the several reversal signals that we had discussed yesterday. The chances of extension of uptrend to 22400 thereby stands reduced, and unless we see a couple of hours of trade above 21740, Nifty appears poised to slide towards 21420/370. - Read more
Derivative outlook:
Nifty weekly contract has highest open interest at 22000 for Calls and 21700 for Puts while monthly contracts have highest open interest at 22000 for Calls and 21000 for Puts. Highest new OI addition was seen at 22400 for Calls and 18300 for Puts in weekly and at 22000 for Calls and 22000 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 0.71%, increased future index shorts by 2.55% and in index options by 36.11% in Call longs, 49.21% in Call short, 20.05% in Put longs and 36.85% in Put shorts. - Read moreUSD-INR outlook:
Expect brief upswings on the first test of 83.17, but we see no signs of uptrend past 83.4 yet though. But a push above 83.25 could signal strength. - Read more
Above views are of the author and not of the website kindly read disclaimer
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