Morning Nifty, Derivative and Rupee comments 28 September 2022 By Anand James, Geojit Financial Services
Nifty outlook:
There were several upside attempts after achieving the17160 target, but all of them were rejected summarily,confirming further downsides aiming 16860 that we had lined up yesterday. Achievement of 16860 could givebulls a realistic chance to regroup. Failure to do so would open up falls towards 16650-16300.
Derivative:
Nifty weekly contract has highest open interest at 17500 for Calls and 17000 for Puts while monthly contracts have highest open interest at 18000 for Calls and 16000 for Puts. Highest new OI addition was seen at 17000 for Calls and 17000 for Puts in weekly and at 17100 for Calls and 16900 for Puts in monthly contracts. FIIs increased their future index long position holdings by 0.24%, increased future index shorts by 8.75% and index options by 8.85% in Call longs, 6.98% in Call short, 2.80% in Put longs and 6.83% in Put shorts.
USD-INR outlook:
Downside target of 81.25 was almost achieved, allowing a pull back. We would now waitfor a break above 81.8 to play a 82-83 move. Else expect consolidation within 81.7-81.55.
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