Morning Nifty, Derivative and Rupee Comments as of 16 January 2023 by Anand James, Geojit Financial Services
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Views On Morning Nifty, Derivative and Rupee Comments as of 16 January 2023 by Anand James - Chief Market Strategist, Geojit Financial Services
Nifty outlook:
Rejection trades did appear as expected on approach to 17960, but the close in this vicinity is indicative towards improving risk appetite. This encourages us to stay with the 18100 view, with plans of expanding to 18560, once above 18300, as maintained on Friday as well. However, caution will re-emerge on fall back inside the 17960-18020 vicinity after the early positivity, but an outright collapse is less expected.
Derivative:
Nifty weekly contract has highest open interest at 17900 for Calls and 17900 for Puts while monthly contracts have highest open interest at 18500 for Calls and 18000 for Puts. Highest new OI addition was seen at 18300 for Calls and 17900 for Puts in weekly and at 18500 for Calls and 17900 for Puts in monthly contracts. FIIs increased their future index long position holdings by 9.69%, increased future index shorts by -10.76% and in index options by 43.03% in Call longs, 27.53% in Call short, 54.75% in Put longs and 67.65% in Put shorts.
USD-INR outlook:
Our anticipated target of 80.98 will continue to be in play today as well, with prospects of extension in downtrend aiming at 80.5. Upsides are likely to be resisted at 81.5-81.56, beyond which only bears will lose grip.
Above views are of the author and not of the website kindly read disclaimer
