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Views On Morning Nifty, Derivative and Rupee Comments as of 02 November 2022 by Anand James - Chief Market Strategist at Geojit Financial Services.

Nifty outlook: 

The march towards the 18350-18600 band continued yesterday, after multiple forays towards our pivot of 18070/50 region failed to interest the bears. We will employ a similar approach today by watching 18175, nearly pull back below which could signal a down move.Else, stick on with the upside view, though favoured view sees higher odds for bears to prevail.  

Derivative:

Nifty weekly contract has highest open interest at 18400 for Calls and 18000 for Puts while monthly contracts have highest open interest at 18000 for Calls and 17000 for Puts. Highest new OI addition was seen at 18100 for Calls and 18100 for Puts in weekly and at 18100 for Calls and 18100 for Puts in monthly contracts. FIIs increased their future index long position holdings by 16.73%, increased future index shorts by 4.53% and index options by 43.06% in Call longs, 30.83% in Call short, 40.42% in Put longs and 34.64% in Put shorts.  

USD-INR outlook:

The 82.84 region resisted on anticipated lines, allowing short trades aiming at our target of 82.6-82.55. The trend has become sideways again, and we will go in today, waiting for a break beyond the 82.86-82.55 band.

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