28-12-2023 09:06 AM | Source: Geojit Financial Services Ltd
Morning Nifty and Derivative comments 28 December 2023 By Anand James, Geojit Financial Services
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Views On Morning Nifty and Derivative comments 28 December 2023 by Anand James - Chief Market Strategist at Geojit Financial Services
Nifty outlook:
While outlining the possible outcomes of this week, we had provided for reasonable upsides, but had underestimated the strength of the underlying uptrend, which would breach our objective of 21540 and push much further up. This opens up potential for 21860. However, we note with concern, the rise in VIX that has uncharacteristically accompanied yesterday’s rise in Nifty. This is a departure from recent trends, as VIX is now much above what we saw when Nifty plunged to sub 19000 levels in late October, warning that the volatility expectations are significantly higher now. Downside marker may be placed at 21571. - Read more
Derivative outlook:
Nifty weekly contract has highest open interest at 22000 for Calls and 21500 for Puts while monthly contracts have highest open interest at 22000 for Calls and 21500 for Puts. Highest new OI addition was seen at 21700 for Calls and 21600 for Puts in weekly and at 21700 for Calls and 21600 for Puts in monthly contracts. FIIs increased their future index long position holdings by 6.37%, increased future index shorts by 15.01% and in index options by 10.00% in Call longs, 25.54% in Call short, 9.25% in Put longs and 24.93% in Put shorts. - Read more
USD-INR outlook:
Yesterday’s rise met our upside objectives of 83.3 fully calling for consolidation, rather than reopening prospects of breach of 83.4. Dips are expected to be limited to 83.19 though. - Read more
Above views are of the author and not of the website kindly read disclaimer
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