Morning Nifty and Derivative comments 07 December 2023 By Anand James, Geojit Financial Services

2023-12-07 11:51:50 am | Source: Geojit Financial Services

Morning Nifty and Derivative comments 07 December 2023 By Anand James, Geojit Financial Services

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Views On Morning Nifty and Derivative comments 07 December 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook:

Dips and volatility did not deter buyers, as Nifty registered yet another higher close, after almost testing our first objective of 20970. Last two days’ attempts by bears were unsuccessful, but we may enter today evenly poised. While the ongoing upswings do have room till 20970-21130-21220, it is essential for dips to be contained above 20850/800. Slippage past the same should set an immediate objective of 20590/560. A collapse is still not favoured. - Read more

Derivative outlook:

Nifty weekly contract has highest open interest at 21000 for Calls and 20800 for Puts while monthly contracts have highest open interest at 21000 for Calls and 19000 for Puts. Highest new OI addition was seen at 21100 for Calls and 20900 for Puts in weekly and at 22000 for Calls and 20900 for Puts in monthly contracts. FIIs increased their future index long position holdings by 10.19%, decrease future index shorts by 12.02% and decrease in index options by 15.19% in Call longs, 19.20% decrease in Call short, 36.53% decrease in Put longs and 34.80% decrease in Put shorts. - Read more

USD-INR outlook:

The 83.4 region continues to pose a stiff challenge to upsides but the dips in the last two days appeared to have attracted bargain buying again. We continue to wait for a breach of 83.4 to play a rise towards 83.65, but brace for steeper dip, should 83.19 give away. - Read more

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Morning Nifty and Derivative comments 07 December 2023 By Anand James, Geojit Financial Services

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