13-09-2023 10:38 AM | Source: Geojit Financial Services
Morning Nifty and Derivative comments 13 September 2023 By Anand James, Geojit Financial Services
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Views On Morning Nifty and Derivative comments 13 September 2023 by Anand James - Chief Market Strategist at Geojit Financial Services
Nifty outlook:
The bearish swing evolved on anticipated lines with bulls regrouping once in the 19944 region ear marked yesterday towards this end. The trend appears to be evenly poised. Bearish objective is modestly placed at 19690, while there is equal prospects of resumption of uptrend aiming 20230, or even 20600 without further drama in the near term, especially as long as Nifty manages to float above 20000. - Read more
Derivative:
Nifty weekly contract has highest open interest at 20100 for Calls and 19900 for Puts while monthly contracts have highest open interest at 20000 for Calls and 19000 for Puts. Highest new OI addition was seen at 20600 for Calls and 19600 for Puts in weekly and at 20400 for Calls and 20000 for Puts in monthly contracts. FIIs increased their future index long position holdings by 8.94%, decreased future index shorts by -0.34% and increased index options by 26.67% in Call longs, 14.85% in Call short, 32.77% in Put longs and 22.21% in Put shorts. - Read more
USD-INR Outlook:
Though 82.78 found buying interest on anticipated lines, inability to push much above 83, underscores the weak buying interest. To this end we will continue to scout for deeper dips, but will stay positive only while above 82.78. Slippage past the same could call for 82.20, and could signal an end to upside prospects. - Read more
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