22-11-2023 10:20 AM | Source: Geojit Financial Services
Morning Nifty and Derivative comments 22 November 2023 By Anand James, Geojit Financial Services
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Views On Morning Nifty and Derivative comments 22 November 2023 by Anand James - Chief Market Strategist at Geojit Financial Services
Nifty outlook:
As expected directional moves failed to emerge, as buyers seemed reluctant to chase prices higher, even as bias remained positive. We feel that for achievement of the measured objective of 20100, the congestion region of 19780-740 region would be crucial. While we hope this region to hold, we will wait for falls past 19707 to abandon upside hopes, while being equally watchful during potential ascent into the 19865-925 region. - Read moreDerivative 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 19900 for Calls and 19800 for Puts in weekly and at 19850 for Calls and 19800 for Puts in monthly contracts. FIIs increased their future index long position holdings by 7.62%, decreased future index shorts by 1.39% and in index options by 15.76% in Call longs, 2.90% decrease in Call short, 1.41% decrease in Put longs and 9.95% decrease in Put shorts. - Read more
USD-INR outlook:
Having achieved our initial target of 83.4, upside momentum went limp, causing a turn lower. This appears to be held near 83.3, as long as above which, and extended push towards 83.65 could be seen. Alternatively, inability to float above 83.25 could indicate loss in strength, calling for consolidation inside 83.19 - 83.02 again. - Read more
Above views are of the author and not of the website kindly read disclaimer
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