12-10-2023 09:53 AM | Source: Geojit Financial Services Ltd
Morning Nifty and Derivative comments 12 October 2023 By Anand James, Geojit Financial Services
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Views On Morning Nifty and Derivative comments 12 October 2023 by Anand James - Chief Market Strategist at Geojit Financial Services
Nifty outlook:
The persistent upside attempts that followed the up gapped opening yesterday appeared exhausted as the day progressed. This should ideally lead to corrections, but the multiple supports that have been formed during the ascent, as well as the bullish continuation patterns encourage us to persist with the prevailing target of 19900 and even allow for an extension to 20020, before weighing in the downside possibilities. While we expect a consolidation early in the day, inability to float above the 19780-812 band may signal weakness, but a pull back all the way back to 19656 is less expected. - Read more
Derivative outlook:
Nifty weekly contract has highest open interest at 20000 for Calls and 19600 for Puts while monthly contracts have highest open interest at 20000 for Calls and 19000 for Puts. Highest new OI addition was seen at 19950 for Calls and 19800 for Puts in weekly and at 20100 for Calls and 19800 for Puts in monthly contracts. FIIs increased their future index long position holdings by 3.82%, decreased their future index shorts by 7.59%. FIIs decreased index options by 4.80% in Call longs, 7.11% decrease in Call short, 27.36% decrease in Put longs and 28.95% decrease in Put shorts. - Read more
USD-INR outlook:
Lacklustre trades gave way to pull back yesterday, but with key levels persisting, we would continue to persist with the 83.4-83.49 objectives initially. For positive bias to remain, 83.14 needs to hold, with key supports below seen at 83.07 or 82.98. - Read more
Above views are of the author and not of the website kindly read disclaimer
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