03-10-2023 10:19 AM | Source: Geojit Financial Services
Morning Nifty and Derivative comments 03 October 2023 By Anand James, Geojit Financial Services
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Views On Morning Nifty and Derivative comments 03 October 2023 by Anand James - Chief Market Strategist at Geojit Financial Services
Nifty outlook:
An inside bar on Friday suggests efforts to neutralize the heavy bearishness of the expiry day. Yet, we are not yet clear of the bearish bias, though the set up does favour a rise back above 20000, should 19780 be taken down. However, this conditional upside requires the downside marker to be at 19500, while inability to float above 19640-78 could also be considered an early signal towards weakness. - Read more
Derivative outlook:
Nifty weekly contract has highest open interest at 19800 for Calls and 19600 for Puts while monthly contracts have highest open interest at 20000 for Calls and 19500 for Puts. Highest new OI addition was seen at 19800 for Calls and 19600 for Puts in weekly and at 20500 for Calls and 19500 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 8.35%, increased future index shorts by 4.19% and in index options by 15.16% in Call longs, 7.28% in Call short, 31.44% in Put longs and 39.23% in Put shorts. - Read more
USD-INR outlook:
Look for a push towards 83.3, with fair possibilities of the same evolving into a stronger uptrend, aiming 83.4 initially. Downside marker may be placed at 83.07 or 82.98. - Read more
Above views are of the author and not of the website kindly read disclaimer
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Expiry Rollover Report Jul'24 Expiry by Nirmal Bang Ltd
The Index breached psychological mark of 51000 and continued lower high -low sequence on Thursday indicating negative bias - ICICI Direct
Nifty has been trading above this moving average since past 5-6 weeks - HDFC Securities
Nifty opened with a downward gap; however, buying support at lower levels pulled the index higher to end on a flat note - Axis Securities Ltd
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NIFTY trades above this level then we may witness a further rally up to 19850-19885-19925 levels - Axis securities Ltd