Morning Nifty and Derivative comments 10 November 2023 By Anand James, Geojit Financial Services

10-11-2023 10:26 AM | Source: Geojit Financial Services

Morning Nifty and Derivative comments 10 November 2023 By Anand James, Geojit Financial Services

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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

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Morning Nifty and Derivative comments 10 November 2023 By Anand James, Geojit Financial Services

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