Views on Technical Market by Anand James, Chief Market Strategist, Geojit Financial Services

02-12-2024 09:21 AM | Source: Geojit Financial Services Ltd

Views on Technical Market by Anand James, Chief Market Strategist, Geojit Financial Services

News By Tags | #Sensex #ExpertViews #MarketOutlook #Nifty #BankNifty #GeojitFinancialServicesLtd #AnandJames

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Below the Views on Technical Market by Anand James, Chief Market Strategist, Geojit Financial Services

Nifty outlook:

Last week, we had positioned ourselves for a pull back initially, having run up too quickly on the previous Friday. The consolidation thereafter, and the recovery swing from 23900 post expiry points to a departure from the sell-on-rallies mode prevailing since 27th September. These are initial signs of regrouping of bulls and we are encouraged to eye 24700, the 50 day SMA, as the near term objective. Alternatively, inability to float above 24230 early in the week, could see Nifty drifting lower again, and the recovery attempts may have to wait until 23700 is seen. - Read more

Derivative outlook:

Nifty weekly contracts have the highest open interest at 25000 CE and 23000 PE while monthly contracts have the highest open interest at 25000 CE and 24000 PE. The highest OI addition was seen at 25300 CE and 23000 PE in weekly and at 25000 CE and 23500 PE in monthly contracts. Fils decreased their future index long holdings by 0.50%, decreased future index shorts by 1.75% and in index options, 23.52% increase in Call longs, 8.10% increase in Call short, 18.06% increase in Put longs and 19.08% increase in Put shorts,- Read more

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Views on Technical Market by Anand James, Chief Market Strategist, Geojit Financial Services

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