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18-09-2023 09:46 AM | Source: Geojit Financial Services

Morning Nifty and Derivative comments 18 September 2023 By Anand James, Geojit Financial Services

News By Tags | #Sensex #ExpertViews #MarketOutlook #Nifty #BankNifty #GeojitFinancialServicesLtd #AnandJames

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Views On Morning Nifty and Derivative comments 18 September 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook:

The near achievement of the 20230 objective on Friday, prompts us to give weightage to the possibilities of a consolidation, given how stretched the oscillators have been for sometime. Any rise in VIX from here on, could signal long liquidation. We will test the premises of this construct by watching if Nifty manages to float above 20180. If unable to do so, 19550 could emerge as a downside objective, but the prospects of 20600 would continue be very much alive, as long as 20000 holds. - Read more

Derivative:

Nifty weekly contract has highest open interest at 20200 for Calls and 20100 for Puts while monthly contracts have highest open interest at 20500 for Calls and 19000 for Puts. Highest new OI addition was seen at 20200 for Calls and 20200 for Puts in weekly and at 20400 for Calls and 20200 for Puts in monthly contracts. FIIs increased their future index long position holdings by 2.19%, increased future index shorts by 0.60% and increased index options by 21.82% in Call longs, 12.76% in Call short, 35.90% in Put longs and 34.60% in Put shorts. - Read more

USD-INR Outlook:

The 83.2 was almost achieved on Friday. If able to float above 83.07, expect more upsides, with prospects of 83.44 being challenged in a few days. Downside marker may be placed at 82.9. - 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 18 September 2023 By Anand James, Geojit Financial Services

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