23-10-2024 09:19 AM | Source: Geojit Financial Services
Technical Market Views by Anand James, Chief Market Strategist, Geojit Financial Services
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Below the Quote on Technical Market Views by Anand James, Chief Market Strategist, Geojit Financial Services.
Nifty outlook:
While we had pencilled in 24470-23900 in as the downside objectives yesterday, our hopes were towards upside attempts attracting enough momentum. This was not to be, as the initial enthusiasm turned out to be brief, and the turn back below 24800 led to a momentous long liquidation spree that took Nifty to 24470 towards close. Meanwhile, VIX has risen, but is still moderate, while oscillators in short term periodicities continue to allow for brief upswings, which are favoured today initially. Should they turn out to be not strong enough to reclaim 24650, then we would be heading to 24200-23900 quickly, bringing a strong H&S pattern into action. - Read moreDerivative outlook:
Nifty weekly contract has highest open interest at 25000 for Calls and 24000 for Puts while monthly contracts have highest open interest at 27000 for Calls and 24000 for Puts. Highest new OI addition was seen at 24600 for Calls and 24400 for Puts in weekly and at 24700 for Calls and 24200 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 3.54%, decreased future index shorts by 0.80% and in index options, 10.08% increase in Call longs, 3.83% decrease in Call short, 15.72% increase in Put longs and 7.02% decrease in Put shorts. - Read moreAbove views are of the author and not of the website kindly read disclaimer
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