2024-10-15 11:16:19 am | Source: Geojit Financial Services Ltd
Views on Technical Market by Anand James, Chief Market Strategist, Geojit Financial Services
Below the Views on Technical Market by Anand James, Chief Market Strategist, Geojit Financial Services
Nifty outlook:
Yesterday, we ran the risk of having our downside marker at 24900, which was close enough to get triggered, but the preferred positive expectations had enough merit to attract momentum and take us a step closer to our initial target of 25390. That said, we are about to enter a region which has triggered rejection trades lately. This prompts us to pull up the downside marker to 25040, and wait out a potential turbulence. Direct rise above 25234 could however clear an upside trajectory though. However, a direct fall back below 25040 could deflate upside momentum, though an outright fall to 24370-23900, seen as worst case objectives, may not unfold in a hurry. - Read more
Derivative outlook:
Nifty weekly contract has highest open interest at 26000 for Calls and 25000 for Puts while monthly contracts have highest open interest at 27000 for Calls and 25000 for Puts. Highest new OI addition was seen at 25400 for Calls and 25100 for Puts in weekly and at 25600 for Calls and 24800 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 3.69%, decreased future index shorts by 2.10% and in index options, 4.80% increase in Call longs, 2.15% increase in Call short, 4.37% increase in Put longs and 6.77% increase in Put shorts. - Read more
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The content of this article is for informational purposes only and should not be considered financial or investment advice. Investments in financial markets are subject to market risks, and past performance is not indicative of future results. Readers are strongly advised to consult a licensed financial expert or advisor for tailored advice before making any investment decisions. The data and information presented in this article may not be accurate, comprehensive, or up-to-date. Readers should not rely solely on the content of this article for any current or future financial references.
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