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21-12-2023 10:23 AM | Source: Geojit Financial Services Ltd

Morning Nifty and Derivative comments 21 December 2023 By Anand James, Geojit Financial Services

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Views On Morning Nifty and Derivative comments 21 December 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook:

The 21600 objective that had repeatedly found place in this commentary for the last week or so turned out to be the tipping point that triggered a steep slide yesterday. It is difficult to pick a turnaround point now, given the expectation of continuation of yesterday’s downside momentum. However, it is fair to expect a consolidation or a regrouping of bulls once in the vicinity of 14d ema of 20985, or at the 20d sma near 20748. Upside marker may be placed near 21121 a break of which could unfold a mean reversion move towards 21250. This though is likely to be short lived, as the prospects of sub 20k levels will be weighed in the coming days. - Read more

Derivative outlook:

Nifty weekly contract has highest open interest at 21500 for Calls and 21000 for Puts while monthly contracts have highest open interest at 21500 for Calls and 21000 for Puts. Highest new OI addition was seen at 21300 for Calls and 20750 for Puts in weekly and at 21600 for Calls and 21600 for Puts in monthly contracts. FIIs increased their future index long position holdings by 10.63%, decreased future index shorts by 2.44% and in index options by 4.04% decrease in Call longs, 28.42% decrease in Call short, 6.94% increase in Put longs and 27.31% decrease in Put shorts. - Read more

USD-INR outlook:

The 83.19 is likely to act as a pivot, but with no meaningful directional in either direction. Nearest range is set as 83.09 – 83.29. - Read more

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