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Views On Morning Nifty, Derivative and Rupee comments 23 September  2022 by Anand James - Chief Market Strategist at Geojit Financial Services.

Nifty outlook: 

Breakout attempts on either sides were foiled yesterday,with 17560-650 region sucking prices in persistently.Sideways move may continue to be expected, with range extremities marked at 17760 on the upside and 17430/340 on the downside. Will eye 17560 as a pivotal point.  

Derivative:

Nifty weekly contract has highest open interest at 17650 for Calls and 17600 for Puts while monthly contracts have highest open interest at 19000 for Calls and 16000 for Puts. Highest new OI addition was seen at 18000 for Calls and 17600 for Puts in weekly and at 19000 for Calls and 16000 for Puts in monthly contracts. FIIs increased their future index long position holdings by 3.57%, increased future index shorts by 35.88% and in index options by -23.58% in Call longs, -21.95% in Call short, -21.56% in Put longs and -38.55% in Put shorts. 

USD-INR outlook:

The gigantic move expected in the last few days unfolded yesterday and far exceeded the 80.3 objective we had lined up. Ideally, the present move has room till 81.8. Downsidemarker may be placed at 80.7 for now.  

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