15-09-2023 09:33 AM | Source: Geojit Financial Services
Morning Nifty and Derivative comments 15 September 2023 By Anand James, Geojit Financial Services
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Below On Morning Nifty and Derivative comments 15 September 2023 by Anand James - Chief Market Strategist at Geojit Financial Services
Nifty outlook:
Oscillators continue to be at extremes, but with no sign of negative divergences yet. Also, volatility expectations continue to be low, as indicated by VIX’s behaviour lately. Both these discourage us from entertaining an outright meltdown. We will go in today expecting 20230, while also acknowledging the prospects of period of consolidation before 20600 or more is attempted. Positive bias may however have to be abandoned if 20100 gives away, but the prospects of a collapse today past 20033/19944 looks limited. - Read more
Derivative:
Nifty weekly contract has highest open interest at 20100 for Calls and 20050 for Puts while monthly contracts have highest open interest at 20000 for Calls and 19000 for Puts. Highest new OI addition was seen at 20050 for Calls and 20050 for Puts in weekly and at 20500 for Calls and 20100 for Puts in monthly contracts. FIIs increased their future index long position holdings by 3.56%, increased future index shorts by 9.81% and decrease in index options by 12.28% in Call longs, 16.54% in Call short, 13.38% in Put longs and 27.84% in Put shorts. - Read more
USD-INR Outlook:
Expect upside bias to prevail aiming 83.07-83.2, but to be followed by a turn lower later in the day. Fall back below 82.9 is less expected, and we would wait for slippage past 82.78 to abandon upside views. - Read more
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