08-11-2023 09:38 AM | Source: Geojit Financial Services Ltd
Morning Nifty and Derivative comments 08 November 2023 By Anand James, Geojit Financial Services
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Views On Morning Nifty and Derivative comments 08 November 2023 by Anand James - Chief Market Strategist at Geojit Financial Services
Nifty outlook:
Declines were arrested yesterday without allowing slippages to extend much below the day’s pivot of 19360. This allows the upside objectives of 19475 or 19550 to remain in play. A turn lower from this region, that penetrates 19378 could however expose 19170 again though a collapse is less expected today. - 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 18950 for Puts in weekly and at 19400 for Calls and 18950 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 3.06%, decreased future index shorts by 1.26% and increased in index options by 11.52% in Call longs, 7.31% in Call short, 13.38% in Put longs and 9.86% in Put shorts. - Read more
USD-INR outlook:
We favour a sell on pull back today to 83.3 with yesterday’s upswings failing to gain momentum. Congestion point at 83.19 could pivot down moves, and momentum may not kick in until below 82.98. Alternatively outright rise above 83.4 could call for extended upsides aiming 84 initially. - Read more
Above views are of the author and not of the website kindly read disclaimer
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