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Views On Morning Nifty, Derivative and Rupee Comments as of 19 January 2023 by Anand James - Chief Market Strategist, Geojit Financial Services

Nifty outlook:  

Despite the enthusiastic push higher above 18100 yesterday, the proximity of key resistances ahead look tobe preventing Nifty from a free run. We will remain hopeful towards renewed attempts to scale them, as long as dips are held above 18047. As is, the upside breakout point has been pushed higher to 18270, while the lowerband is at 17800.

Derivative:
Nifty weekly contract has highest open interest at 18300 for Calls and 18000 for Puts while monthly contracts have highest open interest at 19000 for Calls and 18000 for Puts. Highest new OI addition was seen at 18300 for Calls and 18100 for Puts in weekly and at 18600 for Calls and 18000 for Puts in monthly contracts. FIIs increased their future index long position holdings by 14.44%, increased future index shorts by -11.79% and in index options by 9.48% in Call longs, 1.99% in Call short, 2.12% in Put longs and 28.06% in Put shorts.  

USD-INR outlook:

While expecting doubt on continuation of ascent, we had only expected a consolidation in the 81.59-81.50 vicinity. The melt down, hence, surprised us, prompting us to look at 80.9as the downside target. But, given the steepness of yesterday’s fall, a pull back to 81.4-81.50 may be expected.

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