Morning Nifty and Derivative comments 02 September 2024 By Anand James, Geojit Financial Services

02-09-2024 09:56 AM | Source: Geojit Financial Services

Morning Nifty and Derivative comments 02 September 2024 By Anand James, Geojit Financial Services

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Views On Morning Nifty and Derivative comments 02 August 2024 By Anand James, Geojit Financial Services

Nifty outlook:

Momentum indicators point to strength in trend, and could potentially pave way for large gains in the near term. Beyond the seasonality threats, we also have a reluctant 50 day SMA whose lag of 3.25% is close to historical extremes which should call for intermittent drops or several flat days in the month ahead before large gains could be seen. With this in perspective, we will have our eyes on 25365-25800 as the nearest upside objectives, while downside markers may be placed near 24800, a crack of which should see 24440 as the first downside objective. But, given the soft closing of Friday, it is fair to expect a consolidation that needs to be contained above 25200 for continuation of uptrend today. - Read more

Derivative outlook:

Nifty weekly contract has highest open interest at 25000 for Calls and 25000 for Puts while monthly contracts have highest open interest at 25200 for Calls and 25150 for Puts. Highest new OI addition was seen at 24500 for Calls and 25000 for Puts in weekly and at 25200 for Calls and 25000 for Puts in monthly contracts. FIIs increased their future index long position holdings by 6.72%, decreased future index shorts by 4.98% and in index options by 51.25% increase in Call longs, 35.91% increase in Call short, 39.61% increase in Put longs and 44.46% increase in Put shorts. - Read more

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Morning Nifty and Derivative comments 02 September 2024 By Anand James, Geojit Financial Services

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