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Quote on Morning Market 24 January 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Nifty outlook:  

Our 18600 view remains, but we will open the day with a modest target of 18270-320 initially, gauge the influence of a truncated week and proceed accordingly. Downside Marker for the day may be placed near 18110, but we will retain upside hopes as long as Nifty does not close below 18000.

Derivative:

Nifty weekly contract has highest open interest at 19000 for Calls and 18100 for Puts while monthly contracts have highest open interest at 19000 for Calls and 18100 for Puts. Highest new OI addition was seen at 18300 for Calls and 18100 for Puts in weekly and at 18300 for Calls and 18100 for Puts in monthly contracts. FIIs increased their future index long position holdings by 11.74%, increased future index shorts by -12.85% and in index options by 133.61% in Call longs, 54.80% in Call short, 125.94% in Put longs and 78.48% in Put shorts.   

USD-INR outlook:

Full achievement of our 80.9 target sucked momentum out of downtrend, and the pull back beyond 80.12 ushered in short covering on anticipated lines. However the steepness of the pull back has surprised us, as we are back in the 81.4-81.5 territory. Ideally this distribution point again, which should prompt dips to 81.3, but a repeat attack on 81.5could call for 81.59-81.8.  

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