10-01-2024 10:50 AM | Source: Geojit Financial Services Ltd
Morning Nifty and Derivative comments 10 January 2024 By Anand James, Geojit Financial Services
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Views On Morning Nifty and Derivative comments 10 January 2024 by Anand James - Chief Market Strategist at Geojit Financial Services
Nifty outlook:
We had gone in yesterday, favouring a sideways move, unable to spot a directional set up. Incidentally, the sharp plunge served only to wipe off the gains of the first half, and not any more, ensuring a smaller candle than the previous day. This points to indecisiveness, and not as much of a directional bias that the plunge would have us believe. This calls for a swing higher again towards 21630, should the 20d sma at 21484 holds. Else, expect 20900s, but it is less favoured for now. - Read moreDerivative outlook:
Nifty weekly contract has highest open interest at 21700 for Calls and 21000 for Puts while monthly contracts have highest open interest at 22000 for Calls and 21000 for Puts. Highest new OI addition was seen at 22150 for Calls and 21200 for Puts in weekly and at 22000 for Calls and 21800 for Puts in monthly contracts. FIIs increased their future index long position holdings by 0.99%, increased future index shorts by 25.00% and in index options by 20.13% in Call longs, 3.18% in Call short, 61.53% in Put longs and 37.72% in Put shorts. - Read moreUSD-INR outlook:
Expect swings on either side of 83.10. The 82.9 trajectory has lost its momentum though. Expect pull back if above 83.17. - Read more
Above views are of the author and not of the website kindly read disclaimer
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