IGI Logo

Views On Morning Nifty, Derivative and Rupee Comments as of 03 November 2022 by Anand James - Chief Market Strategist at Geojit Financial Services.

Nifty outlook: 

We had gone in yesterday, with a preference towards downsides, but without discussing any levels beyond 18070/50. Incidentally, the slippages extended only thus far, but with enough hints of distribution. This encourages us to look as far as 17760/720, with firstpause near 17960/900.  

Derivative:

Nifty weekly contract has highest open interest at 18400 for Calls and 18000 for Puts while monthly contracts have highest open interest at 19000 for Calls and 17000 for Puts. Highest new OI addition was seen at 18300 for Calls and 17600 for Puts in weekly and at 19500 for Calls and 42200 for Puts in monthly contracts. FIIs increased their future index long position holdings by -10.27%, increased future index shorts by -5.36% and in index options by -4.94% in Call longs, 1.90% in Call short, -4.84% in Put longs and -8.53% in Put shorts.  

USD-INR outlook:

Though all trades were held within the 82.86-82.55 band discussed yesterday, the bias was tilting upwards. This encourages us to expect a breakout and aim for 83.3 or more.However, inability to float above 86.65 would be taken as an early sign that upsides maynot unfold as expect  

Above views are of the author and not of the website kindly read disclaimer