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09-10-2023 09:15 AM | Source: Geojit Financial Services

Morning Nifty and Derivative comments 09 October 2023 By Anand James, Geojit Financial Services

News By Tags | #Sensex #ExpertViews #MarketOutlook #Nifty #BankNifty #GeojitFinancialServicesLtd #AnandJames

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Views On Morning Nifty and Derivative comments 09 October 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook:

With the last three days� energetic leaps, Nifty appears primed for a run upto 19900. But, we have stalled exactly at the upper boundary of a declining & broadening wedge, that calls for some caution. We hope that the cushion provided by 20 day and 10 day SMAs in the 19600-570 will be enough to keep nerves steady, in the event of pull back. Upside hopes will significantly dwindle should we close below the same. While a push above 19670 should clear path for 19900, it may be premature to look for 20600 right away, as we see vulnerability setting in again on completion of 61.8% retracement of the Sep-Oct downtrend. - Read more

Derivative outlook:

Nifty weekly contract has highest open interest at 20000 for Calls and 19500 for Puts while monthly contracts have highest open interest at 20000 for Calls and 19500 for Puts. Highest new OI addition was seen at 20500 for Calls and 19600 for Puts in weekly and at 20100 for Calls and 19100 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 0.33%, decreased future index shorts by 2.98% and increased in index options by 27.71% in Call longs, 18.49% in Call short, 29.68% in Put longs and 42.48% in Put shorts. - Read more

USD-INR outlook:

The anticipated dips to 83.14 does not appear to trigger an outright reversal, prompting us to move such point lower to 83.07, with downside marker at 82.98. Should these prevail, expect 83.4 - 83.49 initially and 83.73 - 84.5 thereafter. - Read more

Above views are of the author and not of the website kindly read disclaimer

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Morning Nifty and Derivative comments 09 October 2023 By Anand James, Geojit Financial Services

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