13-11-2023 11:11 AM | Source: Geojit Financial Services
Morning Nifty and Derivative comments 13 November 2023 By Anand James, Geojit Financial Services
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Views On Morning Nifty and Derivative comments 13 November 2023 by Anand James - Chief Market Strategist at Geojit Financial Services
Nifty outlook:
The 50DMA at 19570 remains a stiff challenge, until above which, expect buyers to not chase prices higher. This also brings the downside markers forward from 19262/19170 to 19433 or 19370 which would be critical as turnaround points while we play the 19840 trajectory. - Read more
Derivative outlook:
Nifty weekly contract has highest open interest at 19500 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 19300 for Puts in weekly and at 19400 for Calls and 19300 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 10.63%, decreased future index shorts by 0.06% and increased in index options by 16.96% in Call longs, 10.93% in Call short, 20.93% in Put longs and 33.46% in Put shorts. - Read more
USD-INR outlook:
USDINR saw a strong push into the 83.3-83.4 region on Friday, something that we had pencilled as a trigger towards a breakout move higher. However, we are inclined to see this as an aberration, given there was no follow through buying. That said, expect 84 to 84.6. should we begin trading above 83.4. Alternatively, downsides are expected to be held in the 83.19 region, but a penetration of 83.02 could expose 82.78. - Read more
Above views are of the author and not of the website kindly read disclaimer
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