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Published on 6/07/2022 12:00:27 PM | Source: Geojit Financial Services Ltd

Morning Nifty, Derivative and Rupee comments 06 July 2022 by Anand James, Geojit Financial Services

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Below are Views On Morning Nifty, Derivative and Rupee comments 06 July 2022 by Anand James - Chief Market Strategist at Geojit Financial Services 

Nifty outlook

With the selling pressure easing on approach to the 15780 region, marked as the critical level for yesterday, the16200 trajectory is expected to remain in play. However, oscillators look accommodative for some more slippage, before a stronger upswing evolves. Towards this end, we look forward to seeing dips being arrested near 15735.Slippage past the same could render the trend weak, exposing 15500 initially.

 

Derivatives comments

Nifty weekly contract has highest open interest at 16000 for Calls and 15900 for Puts while monthly contracts have highest open interest at 15900 for Calls and 15900 for Puts. Highest new OI addition was seen at 16000 for Calls and 15500 for Puts in weekly and at 16500 for Calls and 15000 for Puts in monthly contracts. FIIs increased their future index long position holdings by 13.24%, increased future index shorts by -5.65% and in index options by 11.90% in Call longs, 9.98% in Call short, 26.11% in Put longs and 11.80% in Put shorts.

 

USD INR outlook

Breach of 79.15 gives the go ahead for the 80-81 move. The day’s objective appears to be 79.4,However, inability to reclaim 79.3 or float above 79.17, will reduce the upside prospects for the day.

 

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