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04-01-2024 10:08 AM | Source: Geojit Financial Services Ltd
Morning Nifty and Derivative comments 04 January 2023 By Anand James, Geojit Financial Services
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Views On Morning Nifty and Derivative comments 04 January 2024 by Anand James - Chief Market Strategist at Geojit Financial Services
Nifty outlook:
Intermittent buying attempts were visible throughout the day, but they weakened in the second half, ending up with a close near 21500. The day thus having played out in line with our expectations of bearish bias persisting as long as below 21693 region, we find no reason to take our eyes off the 21420/370 objectives set at the start of the week. However, the 12d EMA at 21485 does present Nifty with an opportunity to swing higher, prompting us to shift the upside marker to 21580, in which case, short covering may be attempted. - Read moreDerivative outlook:
Nifty weekly contract has highest open interest at 22000 for Calls and 21500 for Puts while monthly contracts have highest open interest at 22000 for Calls and 21000 for Puts. Highest new OI addition was seen at 21600 for Calls and 21250 for Puts in weekly and at 22000 for Calls and 20800 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 1.25%, increased future index shorts by 9.90% and in index options by 31.65% decrease in Call longs, 27.39% decrease in Call short, 29.33% decrease in Put longs and 17.27% decrease in Put shorts. - Read moreUSD-INR outlook:
Unsurprisingly, upsides did not appear to threaten the 83.4 region, which is required for a breakout move. The consequent pull back will find buying interest near 83.29, but slippage past 83.26 could eye 83.17. - Read more
Above views are of the author and not of the website kindly read disclaimer
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