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26-12-2023 10:05 AM | Source: Geojit Financial Services
Morning Nifty and Derivative comments 26 December 2023 By Anand James, Geojit Financial Services
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Views On Morning Nifty and Derivative comments 26 December 2023 by Anand James - Chief Market Strategist at Geojit Financial Services
Nifty outlook:
We will enter the last week of the year with low expectations of a directional move. Should we hold above 21230, expect upsides aiming 21540, but not much beyond. Alternatively, slippage past 21230 could threaten the 14d ema at 20998 again, or could launch an attack on the gap below 20500 in an extreme scenario. But consistent with our views on the upside, a collapse is also less favoured this week. - Read more
Derivative outlook:
Nifty weekly contract has highest open interest at 22000 for Calls and 21000 for Puts while monthly contracts have highest open interest at 22000 for Calls and 21000 for Puts. Highest new OI addition was seen at 22500 for Calls and 21300 for Puts in weekly and at 22500 for Calls and 21300 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 1.76%, decreased future index shorts by 7.73% and in index options by 37.28% decrease in Call longs, 5.52% increase in Call short, 42.00% decrease in Put longs and 14.75% increase in Put shorts. - Read more
USD-INR outlook:
The swing lower towards 83.19 expected on Friday is to fully mature today. While, direct rise above 83.29 could expose 83.4 and beyond, such a move is less expected. So is collapse beyond 83.02. - Read more
Above views are of the author and not of the website kindly read disclaimer
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