Morning Nifty and Derivative comments 12 December 2023 By Anand James, Geojit Financial Services

12-12-2023 10:56 AM | Source: Geojit Financial Services Ltd

Morning Nifty and Derivative comments 12 December 2023 By Anand James, Geojit Financial Services

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Views On Morning Nifty and Derivative comments 12 December 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook:

It would be important to float above 21000, to keep the upside trajectory intact, aiming 21130-21220 initially or even 21600, but anything beyond is less likely without a meaningful correction. Alternatively, slippage past 20980 could signal intraday weakness, but we would wait for a drop past 20800 to play large downsides. - Read more

Derivative outlook:

Nifty weekly contract has highest open interest at 21000 for Calls and 20900 for Puts while monthly contracts have highest open interest at 21000 for Calls and 19000 for Puts. Highest new OI addition was seen at 21500 for Calls and 20400 for Puts in weekly and at 21500 for Calls and 20400 for Puts in monthly contracts. FIIs increased their future index long position holdings by 0.76%, increased future index shorts by 3.84% and in index options by 12.57% in Call longs, 0.27% in Call short, 28.13% in Put longs and 3.53% in Put shorts. - Read more

USD-INR outlook:

Lacklustre moves persist, with no signs of breach of 83.4. Look for dips to 83.29 and lie in wait for a 83.65 move, but brace for steeper dip, should 83.19 give away. - 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 12 December 2023 By Anand James, Geojit Financial Services

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