05-12-2023 10:00 AM | Source: Geojit Financial Services
Morning Nifty and Derivative comments 05 December 2023 By Anand James, Geojit Financial Services

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Views On Morning Nifty and Derivative comments 05 December 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Niftyoutlook :

Whilie oscillators are at upper extremes calling for corrections, momentum had worked in favour of the upsides so far allowing Nifty to persist with the prevailing uptrend. But with VIX also rising, enroute a 20% gain which we are eying, our bets are on corrections finding buying interest again, atleast initially. Meanwhile, early trades in the vicinity of 20720 are likely to see buyers withdrawing, and our favoured point for such turnaround on the lower side is 20590 or 20500. Alternatively, a close above 20660 could call for 20880. - Read more
 
 

Derivative outlook:

Nifty weekly contract has highest open interest at 21000 for Calls and 20500 for Puts while monthly contracts have highest open interest at 21000 for Calls and 19000 for Puts. Highest new OI addition was seen at 21500 for Calls and 20500 for Puts in weekly and at 21500 for Calls and 20500 for Puts in monthly contracts. FIIs increased their future index long position holdings by 29.23%, increased future index shorts by 0.89% and in index options by 38.85% in Call longs, 48.78% in Call short, 11.60% in Put longs and 60.00% in Put shorts. - Read more

 
USD-INR outlook:
Dips eased off without having to stretch all the way to 83.19 and the consolidation thereof has allowed USDINR to get back into the upside trajectory. Breach of 83.4 should be expected to see a rise towards 83.65, while inability to do so could see yet another consolidation, without breaching 83.29. - Read more
 
 
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