07-11-2023 09:49 AM | Source: Geojit Financial Services
Morning Nifty and Derivative comments 07 November 2023 By Anand James, Geojit Financial Services
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Views On Morning Nifty and Derivative comments 07 November 2023 by Anand James - Chief Market Strategist at Geojit Financial Services
Nifty outlook:
The achievement of the 19420 provides an opportunity to pause, but exhaustion has not set in yet to call for an outright turn. We favour continued upsides towards 19475 or 19550 before a time correction sets in, without much of a price fall. Alternatively, outright fall back below 19360 could dilute the upside momentum, but a collapse is less favoured. Those playing for 19840 may continue to keep the downside marker at 19170 itself until we get past 19550. - Read more
Derivative outlook:
Nifty weekly contract has highest open interest at 19500 for Calls and 19300 for Puts while monthly contracts have highest open interest at 20000 for Calls and 19000 for Puts. Highest new OI addition was seen at 19450 for Calls and 19300 for Puts in weekly and at 19400 for Calls and 19300 for Puts in monthly contracts. FIIs increased their future index long position holdings by 9.18%, decreased future index shorts by 5.42% and increase in index options by 10.31% in Call longs, 6.13% in Call short, 13.58% in Put longs and 22.89% in Put shorts. - Read more
USD-INR outlook:
The pull back near 83.19 our pivot for yesterday reveals nothing. As long as below 83.3, prospects of deep dive down will still be alive, aiming 82.78. For the day, expect brief upsides to 83.26 or 83.3. The downsides to gain momentum, once we slip below 83.02. - Read more
Above views are of the author and not of the website kindly read disclaimer
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