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Views On Morning Nifty, Derivative and Rupee Comments as of 04 January 2023 by Anand James - Chief Market Strategist, Geojit Financial Services

Nifty outlook: 

The reluctance yesterday to convert the positive bias into strong upsides point towards weakness. However, we are willing to persist with the upside, at least as far as 18,400 initially, as long as 18,100 holds for the day. Alternatively, if initial consolidation that is to be expected early in the day, manages to breach 18,000 as well, we may have to abandon the upside views, and instead hunt for 17,500.  

Derivative:

Nifty weekly contract has highest open interest at 19,000 for Calls and 18,000 for Puts while monthly contracts have highest open interest at 18200 for Calls and 18,000 for Puts. Highest new OI addition was seen at 19,000 for Calls and 17200 for Puts in weekly and at 18,550 for Calls and 18,000 for Puts in monthly contracts. FIIs increased their future index long position holdings by -3.22%, increased future index shorts by 9.68% and in index options by 8.59% in Call longs, 12.96% in Call short, 9.79% in Put longs and 24.16% in Put shorts.  

USD-INR outlook:

Upside attempts looked resolute yesterday and we are bracing for a break of 82.84/ 88 region that could potentially open room for 83.25 view. But, as yesterday, we would begin the day inside the consolidation band of 82.75 - 82.59.  

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