Morning Nifty and Derivative comments 29 December 2023 By Anand James, Geojit Financial Services

29-12-2023 10:31 AM | Source: Geojit Financial Services Ltd

Morning Nifty and Derivative comments 29 December 2023 By Anand James, Geojit Financial Services

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Views On Morning Nifty and Derivative comments 29 December 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook:

While pencilling in 21860 as the next objective, we had also raised our volatility expectations. Breach of 21860 could however signal yet another extension in uptrend, potentially lining up 22400 as the next objective. But with 3d RSI peaking again, favoured view expects a red candle in a day or two.

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Derivative outlook:

Nifty weekly contract has highest open interest at 21750 for Calls and 21750 for Puts while monthly contracts have highest open interest at 21750 for Calls and 21750 for Puts. Highest new OI addition was seen at 21750 for Calls and 21750 for Puts in weekly and at 21750 for Calls and 21750 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 21.21%, decreased future index shorts by 42.23% and in index options by 62.98% decrease in Call longs, 69.73% decrease in Call short, 48.63% decrease in Put longs and 63.97% decrease in Put shorts.

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USD-INR outlook:

Though the dips unfolded on anticipated lines, they exceeded 83.19, stressing the unwillingness to clear 83.4 right

away. We will look for further downsides only if 83.02 gives away.

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Above views are of the author and not of the website kindly read disclaimer