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25-10-2023 09:39 AM | Source: Geojit Financial Services Ltd
Morning Nifty and Derivative comments 25 October 2023 By Anand James, Geojit Financial Services
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Views On Morning Nifty and Derivative comments 25 October 2023 by Anand James - Chief Market Strategist at Geojit Financial Services
Nifty outlook:
Nifty’s plunge was timed out on Monday, just short of the 19230 mark pencilled in for the day. This encourages us to look for mean reversion up moves, but it will require a push beyond 19425 to signal the retreat of bears. We hope that the 19230 holds meanwhile, as there is little else, except perhaps for 19050, to restrain Nifty from sliding all the way till 18600, the 200DMA. - Read more
Derivative outlook:
Nifty weekly contract has highest open interest at 19600 for Calls and 19000 for Puts while monthly contracts have highest open interest at 19600 for Calls and 19000 for Puts. Highest new OI addition was seen at 19400 for Calls and 19200 for Puts in weekly and at 19400 for Calls and 19200 for Puts in monthly contracts. FIIs increased their future index long position holdings by 2.88%, increased future index shorts by 1.73% and in index options by 29.20% in Call longs, 6.90% decrease in Call short, 39.19% increase in Put longs and 4.24% increase in Put shorts. - Read more
USD-INR outlook:
Persistent inability to push beyond 83.2 has systematically taken away the upside bias, and each of the supports have now been threatened. Expect 82.78, should we slip below 82.98. Alternatively, early push above 83.02 could call for brief upswings towards 83.14. - Read more
Above views are of the author and not of the website kindly read disclaimer
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