03-01-2024 09:53 AM | Source: Geojit Financial Services
Morning Nifty and Derivative comments 03 January 2024 By Anand James, Geojit Financial Services
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Views On Morning Nifty and Derivative comments 03 January 2024 by Anand James - Chief Market Strategist at Geojit Financial Services
Nifty outlook:
The anticipated slide towards 21420/370 stopped midway yesterday, and effected a reversal move strong enough to take away much of the downside momentum. So, it appears, the Nifty will start the day with a neutral bias, or even attempt to push higher, as long as above 21645. However, favoured view expects bears to regroup, as long upswings are held below 21693 or 21740. - Read moreDerivative outlook:
Nifty weekly contract has highest open interest at 21800 for Calls and 21000 for Puts while monthly contracts have highest open interest at 22000 for Calls and 21000 for Puts. Highest new OI addition was seen at 21700 for Calls and 21000 for Puts in weekly and at 21800 for Calls and 21400 for Puts in monthly contracts. FIIs increased their future index long position holdings by 0.92%, increased future index shorts by 4.85% and in index options by 26.65% increase in Call longs, 7.22% decrease in Call short, 48.56% increase in Put longs and 13.81% decrease in Put shorts. - Read moreUSD-INR outlook:
The upswings evolved as expected yesterday, but without needing to dip as far as 83.17. Unsurprisingly, upsides were restrained without breaching 83.4 yet though. This view is maintained today as well, with pivot seen at 83.26. - Read more
Above views are of the author and not of the website kindly read disclaimer
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