11-01-2024 11:54 AM | Source: Geojit Financial Services Ltd
Morning Nifty and Derivative comments 11 January 2024 By Anand James, Geojit Financial Services
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Views On Morning Nifty and Derivative comments 11 January 2024 by Anand James - Chief Market Strategist at Geojit Financial Services
Nifty outlook:
Though there were a few uncertain moments when our downside marker of 21484 was penetrated briefly, the anticipated upswings unfolded late in the second half, fully achieving the upside objective of 21630. The turn of events is also consistent with the expectations of sideways moves adopted early in the week. Yesterday’s momentum could help Nifty stretch to the 21740 region, but visibility past the same is limited. Downside marker is now placed at 21550. - Read moreDerivative outlook:
Nifty weekly contract has highest open interest at 21800 for Calls and 21500 for Puts while monthly contracts have highest open interest at 22000 for Calls and 21000 for Puts. Highest new OI addition was seen at 21800 for Calls and 21500 for Puts in weekly and at 21100 for Calls and 21500 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 3.51%, increased future index shorts by 2.34% and in index options by 39.65% decrease in Call longs, 15.66% decrease in Call short, 44.54% decrease in Put longs and 23.04% decrease in Put shorts. - Read moreUSD-INR outlook:
While we wait for a push beyond 83.17 to see revival in uptrend, USDINR continues to slip towards 82.9 in search of bargain hunting. Ability to trade above 83.05 could be taken as the initial signs of upswings. - Read more
Above views are of the author and not of the website kindly read disclaimer
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