05-01-2024 11:02 AM | Source: Geojit Financial Services Ltd
Morning Nifty and Derivative comments 05 January 2024 By Anand James, Geojit Financial Services
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Views On Morning Nifty and Derivative comments 05 January 2024 by Anand James - Chief Market Strategist at Geojit Financial Services
Nifty outlook:
The proximity of the 12d EMA at 21485 had prompted us to consider the prospects of upswings with intent, but Nifty far outdid such expectations by pushing above even our upside marker of 21580 to open itself. While the stage was thus set in favour of the bulls, short covering did not gain as much pace to pursue upsides today with a sense of urgency. Hence we shall begin the day with a neutral bias, but willing to buy, while above 21670, with eyes on 22000-22400 in the coming days. Alternatively, inability to float above 21635, may render the trend weak, but may not trigger a collapse as such with 21527 and 21485/440/370 supports nearby. - Read moreDerivative outlook:
Nifty weekly contract has highest open interest at 21650 for Calls and 21650 for Puts while monthly contracts have highest open interest at 22000 for Calls and 21000 for Puts. Highest new OI addition was seen at 21650 for Calls and 21650 for Puts in weekly and at 21600 for Calls and 21600 for Puts in monthly contracts. FIIs increased their future index long position holdings by 0.25%, decreased future index shorts by 1.41% and in index options by 34.83% decrease in Call longs, 18.03% decrease in Call short, 44.34% decrease in Put longs and 8.20% decrease in Put shorts. - Read moreUSD-INR outlook:
Expect swings on either side of 83.24, but directional moves are less expected unless beyond 83.17-83.4 band. - Read more
Above views are of the author and not of the website kindly read disclaimer
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