09-11-2023 10:02 AM | Source: Geojit Financial Services
Morning Nifty and Derivative comments 09 November 2023 By Anand James, Geojit Financial Services
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Views On Morning Nifty and Derivative comments 09 November 2023 by Anand James - Chief Market Strategist at Geojit Financial Services
Nifty outlook:
Upsides dominated yesterday, but stopped just shy of the 19475 objective pencilled in for yesterday. Momentum appears to have eased though, and we favour a turn lower from either 19475, 19550 or 19630. For such a move, 19360 should suffice as the near term downside marker, but the 19840 view shall continue to be intact, as long as 19170 holds. - 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 19500 for Calls and 19000 for Puts. Highest new OI addition was seen at 19500 for Calls and 19400 for Puts in weekly and at 19500 for Calls and 19400 for Puts in monthly contracts. FIIs increased their future index long position holdings by 2.40%, increased future index shorts by 3.20% and decrease in index options by 12.50% in Call longs, 12.50% in Call short, 21.63% in Put longs and 31.39% in Put shorts. - Read more
USD-INR outlook:
USDINR inched higher yesterday, but did not see 83.3, pipped yesterday to trigger a sell on rallies approach. This is awaited today. As maintained yesterday, 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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