Morning Nifty and Derivative comments 29 August 2024 By Anand James, Geojit Financial Services

29-08-2024 11:48 AM | Source: Geojit Financial Services

Morning Nifty and Derivative comments 29 August 2024 By Anand James, Geojit Financial Services

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Views On Morning Nifty and Derivative comments 29 August 2024 By Anand James, Geojit Financial Services

Nifty outlook:

While a minor penetration of 24970 unfolded in the early hours, it did not stop Nifty from swinging higher to 25075 on expected lines. The push above the same could not sustain though, with the intraday peaks crumbling under the weight of profit booking towards close. This forces Nifty to ask support from 24970 again, but favoured view expects penetration of the same, aiming for 24870, which should slow down the pace of declines, but 24770/700 also stands exposed. However, a direct push above 25060 early in the day would signal regrouping of bulls, and an attempt to scale 25150. - Read more

Derivative outlook:

Comments: Nifty weekly contract has highest open interest at 25500 for Calls and 25000 for Puts while monthly contracts have highest open interest at 25500 for Calls and 25000 for Puts. Highest new OI addition was seen at 25400 for Calls and 24700 for Puts in weekly and at 25400 for Calls and 24700 for Puts in monthly contracts. FIIs increased their future index long position holdings by 9.98%, decreased future index shorts by 6.41% and in index options by 14.18% decrease in Call longs, 5.30% increase in Call short, 20.06% decrease in Put longs and 3.08% increase in Put shorts. - Read more

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Morning Nifty and Derivative comments 29 August 2024 By Anand James, Geojit Financial Services

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