23-10-2023 09:43 AM | Source: Geojit Financial Services
Morning Nifty and Derivative comments 23 October 2023 By Anand James, Geojit Financial Services
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Views On Morning Nifty and Derivative comments 23 October 2023 by Anand James - Chief Market Strategist at Geojit Financial Services
Nifty outlook:
With last week registering successively lower lows, the ongoing slide appears to gain momentum, setting up environment for a dive into the 19350-230 region. However favoured view doesnot yet expect a collapse beyond this point, but we would require either a consolidation here, or an outright pull back above 19550 region to signal recovery. - 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 19600 for Calls and 19400 for Puts in weekly and at 19600 for Calls and 19400 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 13.16%, decreased future index shorts by 0.51% and increase in index options by 25.41% in Call longs, 20.95% in Call short, 29.30% in Put longs and 25.36% in Put shorts. - Read more
USD-INR outlook:
Inability to push beyond 83.2 on Friday, forced USDINR to withdraw and the momentum thereof has taken it to the lower boundary set for the day. We will begin the day expecting consolidation in the 83.07-83.2 region, with wider extremities set as 82.98-82.78 on the downside and 83.4 on the upside. - Read more
Above views are of the author and not of the website kindly read disclaimer
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