Morning Nifty and Derivative comments 04 October 2023 By Anand James, Geojit Financial Services

04-10-2023 10:32 AM | Source: Geojit Financial Services

Morning Nifty and Derivative comments 04 October 2023 By Anand James, Geojit Financial Services

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Views On Morning Nifty and Derivative comments 04 October 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook:

As bears tighten grip, elevating the chances of an 18600 move, we are rooting for the prospects of a recovery move, if Nifty manages to get back above 19460 after early weakness. Alternatively, inability to scale 19540 on the bounce could extend down move, but not exceeding 19340. - Read more

Derivative outlook:

Nifty weekly contract has highest open interest at 19700 for Calls and 19500 for Puts while monthly contracts have highest open interest at 20000 for Calls and 19500 for Puts. Highest new OI addition was seen at 19600 for Calls and 19250 for Puts in weekly and at 19600 for Calls and 19600 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 3.22%, increased future index shorts by 18.09% and in index options by 48.59% in Call longs, 42.45% in Call short, 20.22% in Put longs and 5.96% in Put shorts. - Read more

USD-INR outlook:

As long as above 83.25, we shall continue to look for 83.4-83.49 initially and 83.73 thereafter. 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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Morning Nifty and Derivative comments 04 October 2023 By Anand James, Geojit Financial Services

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