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02-11-2023 09:11 AM | Source: Geojit Financial Services
Morning Nifty and Derivative comments 02 November 2023 By Anand James, Geojit Financial Services
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Views On Morning Nifty and Derivative comments 02 November 2023 by Anand James - Chief Market Strategist at Geojit Financial Services
Nifty outlook:
The anticipated dip to 18940 was timed out yesterday, but not before stretching as far as 18974. Towards this end, the decline from the 19250 could be deemed complete, encouraging us to look for a break of 19250 to climb on to the 19420 trajectory. Alternatively, inability to push above 19120 or inability to float above 19030 after initial bounce, could signal weakening of the recovery push, and threaten a revisit of 18940 or a plunge to 18600. This though is less favoured today. - Read more
Derivative outlook:
Nifty weekly contract has highest open interest at 19100 for Calls and 18800 for Puts while monthly contracts have highest open interest at 20000 for Calls and 19000 for Puts. Highest new OI addition was seen at 19100 for Calls and 18850 for Puts in weekly and at 19100 for Calls and 0 for Puts in monthly contracts. FIIs increased their future index long position holdings by 19.32%, increased future index shorts by 5.61% , decrease in index options by 8.99% in Call longs, 8.72% decrease in Call short, 30.93% decrease in Put longs and 31.64% decrease in Put shorts. - Read more
USD-INR outlook:
Positive bias lingered on yesterday testing 83.3, the upper boundary for our intermediate range. Breakout range continues to be 83.4-83 a breach of which is required to bring in speed. Inability to push beyond 83.4 or inability to float above 83.26 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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