10-11-2023 10:26 AM | Source: Geojit Financial Services
Morning Nifty and Derivative comments 10 November 2023 By Anand James, Geojit Financial Services
Views On Morning Nifty and Derivative comments 10 November 2023 by Anand James - Chief Market Strategist at Geojit Financial Services
Nifty outlook:
Expectation of a turn lower discussed yesterday from either 19475, 19550 or 19630 appears to be maturing with last few days’ trades unable to push above 19475. This sets up the first downside objective as 19329, the recent reaction low, but expect bargain buying to trickle in if dips stretch to the 10d SMA of 19262. In the event of extended dips, we expect 19170 to hold, while an outright rise above 19433 could also signal that we are back on to the 19840 trajectory. - Read more
Derivative outlook:
Nifty weekly contract has highest open interest at 19400 for Calls and 19400 for Puts while monthly contracts have highest open interest at 19500 for Calls and 19000 for Puts. Highest new OI addition was seen at 19400 for Calls and 19400 for Puts in weekly and at 19500 for Calls and 19400 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 0.76%, increased future index shorts by 0.03% and decreased in index options by 16.30% in Call longs, 7.47% in Call short, 22.10% in Put longs and 17.21% in Put shorts. - Read more
USD-INR outlook:
The ascent to 83.3 that we have been playing for the last few days, has been slow and agonising. A turn lower from here is anticipated, with congestion point at 83.19 expected to absorb initial pressure, and downside 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
Latest News
Insurance Sector Update : Motor drags down overall g...
Sell Gold Below 72700 SL Above 72950 TGT 72400/72100...
Wipro shares nosedived over 9 pc after missed earnin...
Economic Survey links mental health disorders with '...
India's GDP growth for FY25 to surpass Economic Surv...
Evening Roundup : A Daily Report on Bullion Energy &...
FIIs stood as net buyers in equities as per July 22 ...
Union Budget: Experts urge government to remove 18 ...
Poonawalla Fincorp AUM up 52% YoY to Rs 26,972 crore...
Sensex ends lower ahead of Union Budget 2024-25
Tag News
Sensex ends lower ahead of Union Budget 2024-25
Daily Market Analysis : The markets began the week on a subdued note and ended nearly unchanged, reflecting caution ahead of the Union Budget Says Mr. Ajit Mishra, Religare Broking Ltd
Post Market Comment by Mandar Bhojane, Research Analyst, Choice Broking
Mid-Market Comment by Mr Shrey Jain, Founder and CEO SAS Online - India's Deep Discount Broker