Morning Nifty and Derivative comments 1 December 2023 By Anand James, Geojit Financial Services

01-12-2023 10:42 AM | Source: Geojit Financial Services

Morning Nifty and Derivative comments 1 December 2023 By Anand James, Geojit Financial Services

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

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Views On Morning Nifty and Derivative comments 1 December 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Niftyoutlook :

The mean reversion play turned out to be brief, with 20030 vicinity prompting a turn higher that finally saw Nifty settling inside the 20130-180 region as expected. While the bulls won the day, the long tail does indicate indecision. This heightens the chances of vulnerability setting in on approach to 20220, the record peak. Towards this end downside marker needs to be pushed higher into the 20080 vicinity. - Read more

Derivative outlook:

Nifty weekly contract has highest open interest at 21000 for Calls and 20000 for Puts while monthly contracts have highest open interest at 21000 for Calls and 19000 for Puts. Highest new OI addition was seen at 21000 for Calls and 19000 for Puts in weekly and at 20200 for Calls and 19000 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 9.60%, decreased future index shorts by 34.14% and decreased in index options by 57.16% in Call longs, 52.33% decrease in Call short, 62.05% decrease in Put longs and 64.41% decease in Put shorts. - Read more

USD-INR outlook:

Even as 83.26 holds firm, intermittent upside attempts continue to be resisted by 83.4, making this as the immediate trading range. Slippage below 83.26 could signal loss in strength, calling for consolidation inside 83.19 - 83.02 again. - 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 1 December 2023 By Anand James, Geojit Financial Services

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