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Views On Morning Nifty and Derivative comments 20 November 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook: 

Barring an extreme scenario, given the sharp plunge yesterday, which could see extended profit booking towards 19540 or 19450, we are well poised to extend the upside objective to 20100. This would require Nifty to get back above 19740 after initial indecisiveness though, but it would not be surprising to expect a sideways move. - Read more

Derivative outlook:

Nifty weekly contract has highest open interest at 19800 for Calls and 19700 for Puts while monthly contracts have highest open interest at 20000 for Calls and 19000 for Puts. Highest new OI addition was seen at 19800 for Calls and 19750 for Puts in weekly and at 20300 for Calls and 19750 for Puts in monthly contracts. FIIs increased their future index long position holdings by 8.67%, decreased future index shorts by 6.22% and decreased in index options by 0.66% in Call longs, 3.16% in Call short, 0.60% in Put longs and 5.05% in Put shorts   - Read more

USD-INR outlook:

The anticipated pull back stretched beyond 83.19 surprisingly, forcing us to abandon the downside prospects. As upswings push on, they will now face challenges from 83.30, which has been a daunting challenge for all through this month and the previous. We will wait for a push beyond the same or a drop below 83.02 for directional plays. - Read more

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