Morning Nifty, Derivative and Rupee comments 27 September 2022 By Anand James, Geojit Financial Services
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Nifty outlook:
Oscillators are divergent enough to allow for a 17160 dash, but a push towards 17350 while possible, looks very iffy for now and would require deft handling. We will go in today, with expectations of 17000 being defended, to go with the emergent hopes of a recovery. However, we would be equally mindful of the potential of bears regrouping and aiming for 16860, should 17090region resist the initial recovery attempt.
Derivative:
Nifty weekly contract has highest open interest at 17200 for Calls and 16600 for Puts while monthly contracts have highest open interest at 17200 for Calls and 15500 for Puts. Highest new OI addition was seen at 17500 for Calls and 16500 for Puts in weekly and at 18000 for Calls and 16000 for Puts in monthly contracts. FIIs increased their future index long position holdings by 8.30%, increased future index shorts by -5.61% and in index options by 24.33% in Call longs, 16.41% in Call short, 21.65% in Put longs and 9.59% in Put shorts.
USD-INR outlook:
We are within touching distance of the 81.8 target, which may be extended to 82. Meanwhile, we will look for inability to break 81.8 or slippages below 81.55, to ease away from the bullish view, in which case, 81.25 could be expected.
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