2023-09-22 11:57:56 am | Source: Geojit Financial Services
Morning Nifty and Derivative comments 22 September 2023 By Anand James, Geojit Financial Services
Views On Morning Nifty and Derivative comments 22 September 2023 by Anand James - Chief Market Strategist at Geojit Financial Services
Nifty outlook:
The downswing that we have been playing since approaching 20200 last Friday appears to have reached a point which could either see a reversal or a substantial rise in downside momentum. We are inclined to play the former, aiming 19950 initially, but inability to push beyond 19760 or an outright fall below 19600-550 region, could force us pursue the latter, aiming 18600. The odds of such a collapse is low, but it is a possibility, nevertheless - Read more
Derivative outlook:
Nifty weekly contract has highest open interest at 20000 for Calls and 19000 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 19700 for Puts in weekly and at 19800 for Calls and 19700 for Puts in monthly contracts. FIIs increased their future index long position holdings by 3.20%, increased future index shorts by 23.35% and in index options by 3.54% in Call longs, 19.28% in Call short, 0.68% in Put longs and 9.61% in Put shorts. - Read more
USD-INR outlook :
As feared, the upsides appear to have stalled, forcing us to persist with the 82.9 and 82.78 as the downside objectives as maintained yesterday. Inability to arrest downsides at these levels, could lead to sharp downsides aiming 82.5-82.2 or more. Upside marker may be placed at 82.93. - Read more
Disclaimer:
The content of this article is for informational purposes only and should not be considered financial or investment advice. Investments in financial markets are subject to market risks, and past performance is not indicative of future results. Readers are strongly advised to consult a licensed financial expert or advisor for tailored advice before making any investment decisions. The data and information presented in this article may not be accurate, comprehensive, or up-to-date. Readers should not rely solely on the content of this article for any current or future financial references.
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