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

Niftyoutlook :Nifty threw caution to wind and with yesterday’s large stride, has stepped closer to the 19960-20100 objectives that we have been playing since last week. Downside marker may be pushed higher to 19875, the breakout point of the ascending triangle. In the event of reversals past the same, the prospects of 19591, the 50dma looks very low, with 19800/750 looking firm enough to lend support. - Read more

Derivative outlook:

Nifty weekly contract has highest open interest at 20000 for Calls and 19800 for Puts while monthly contracts have highest open interest at 20000 for Calls and 19800 for Puts. Highest new OI addition was seen at 20200 for Calls and 19800 for Puts in weekly and at 20200 for Calls and 19800 for Puts in monthly contracts. FIIs increased their future index long position holdings by 10.30%, increased future index shorts by 2.45% and in index options by 16.69% in Call longs, 11.37% in Call short, 9.38% in Put longs and 21.00% in Put shorts. - Read more

USD-INR outlook:

Though positivity lingered through the day, 83.4 stood firm and prompted a pull back as expected. This, however is not expected to exceed 83.26, and is likely to be followed yet another attempt to overcome 83.4. Slippage below 83.26 could signal loss in strength, calling for consolidation inside 83.19 - 83.02 again. - Read more

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