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Views On Morning Nifty, Derivative and Rupee Comments as of 18 January 2023 by Anand James - Chief Market Strategist, Geojit Financial Services

Nifty outlook:  

The fall in VIX as Nifty headed into the 18040 vicinity that had hitherto been a significant challenge, encouraged us to look beyond 18100, and potentially 18270-300. We will continue to view 17960 as an important pivot, but will wait for a breach of 17800 for major downside plays.  

Derivative:

Nifty weekly contract has highest open interest at 18200 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 18250 for Calls and 18000 for Puts in weekly and at 19000 for Calls and 17800 for Puts in monthly contracts. FIIs increased their future index long position holdings by 6.68%, increased future index shorts by -12.22% and in index options by -4.90% in Call longs, 1.13% in Call short, -16.54% in Put longs and 11.01% in Put shorts.  

USD-INR outlook:

The ascent towards 82.1 continued on anticipated lines, but the prospects of the same today depends on the ability to float above 81.69. Else, expect consolidation again in the81.59-81.50 vicinity  

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