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

Nifty outlook: 

Multiple downswings from the 18100 vicinity were cutshort yesterday, suggesting that traders are poised to head into the 18350-18600 band as discussed yesterday. However, should there be an upside gapped opening, pullback below 18070/50 region may render the trend sideways with downside risk marker placed at 17963.  

Derivative:

Nifty weekly contract has highest open interest at 18500 for Calls and 17800 for Puts while monthly contracts have highest open interest at 18500 for Calls and 17000 for Puts. Highest new OI addition was seen at 18300 for Calls and 17900 for Puts in weekly and at 18000 for Calls and 18000 for Puts in monthly contracts. FIIs increased their future index long position holdings by 7.89%, increased future index shorts by -18.30% and index options by 3.08% in Call longs, 6.71% in Call short, -1.64% in Put longs and 26.00% in Put shorts.  

USD-INR outlook:

Inability to push much beyond the nearest peak of 82.84 hints at rejection trades, withsideways bias rather than continuation of yesterday’s upside trajectory. Unless a direct rise above the same unfolds, expect slippage towards 82.6-82.55.

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