2023-12-06 10:23:09 am | Source: Geojit Financial Services
Morning Nifty and Derivative comments 06 December 2023 By Anand James, Geojit Financial Services
Views On Morning Nifty and Derivative comments 06 December 2023 by Anand James - Chief Market Strategist at Geojit Financial Services
Nifty outlook:
As expected, VIX is on the rise, but it is at a level that has allowed dips to be bought while retaining the upside trajectory, thereby taking us within touching distance of the 20885 objective discussed yesterday. Directional moving indicators call for a pause though, prompting us to expect a sideways move or a turn lower, and until then, expect upsides to be limited to 20970-21130-21220. Alternatively, expect 20800 to ease initial dips, but slippage past the same should set an immediate objective of 20590/560. - Read more
Derivative outlook:
Nifty weekly contract has highest open interest at 21000 for Calls and 20700 for Puts while monthly contracts have highest open interest at 21000 for Calls and 19000 for Puts. Highest new OI addition was seen at 21000 for Calls and 20800 for Puts in weekly and at 21500 for Calls and 20800 for Puts in monthly contracts. FIIs increased their future index long position holdings by 16.56%, decreased future index shorts by -3.84% and in index options by 1.48% decrease in Call longs, 8.90% decrease in Call short, 16.71% increase in Put longs and 5.96% decrease in Put shorts. - Read more
USD-INR outlook:
The 83.4 region acted up again to thwart yet another attempt to rally, and a dip to 83.29 is in play. We continue to wait for a breach of 83.4 to play a rise towards 83.65. - Read more
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