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Views On Morning Nifty, Derivative and Rupee Comments as of 01 December 2022 by Anand James - Chief Market Strategist at Geojit Financial Services.

Nifty outlook: 

Expect indecisiveness to creep in after stretching to 18,900. However, if pull back thereof does not stretch much beyond 18,715, expect rapid advances to 19,400.Alternatively, expect upsides hopes to be diluted on bullbeyond 18,715, but a collapse is not expected unless below 18,470.     

Derivative:

Nifty weekly contract has highest open interest at 19,000 for Calls and 18,600 for Puts while monthly contracts have highest open interest at 19,000 for Calls and 18000 for Puts. Highest new OI addition was seen at 18,900 for Calls and 18,700 for Puts in weekly and at 18,700 for Calls and 18,700 for Puts in monthly contracts. FIIs increased their future index long position holdings by 4.94%, increased future index shorts by -8.50% and in index options by -2.26% in Call longs, 17.19% in Call short, -21.82% in Put longs and 29.57% in Put shorts.  

USD-INR outlook:

Prolonged periods of consolidation in the 81.67 - 81.53 vicinity had shifted the bias strongly favouring downsides. Inability to float above 81.35 could call for 81-80.7. Alternatively, abounce off 81.2 aiming 81.6 may unfold after the initial break of 81.35, given the prospects of widening trading range and volatility.  

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