Morning Nifty, Derivative and Rupee Comments as of 04 November 2022 By Anand James, Geojit Financial Services
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Views On Morning Nifty, Derivative and Rupee Comments as of 04 November 2022 by Anand James - Chief Market Strategist at Geojit Financial Services.
Nifty outlook:
The first downside target of 17960 having been achieved with the opening low, bargain hunting ensued taking out a good deal of downside momentum. We may not be fullyback in the 18350-600 trajectory again, but a close above 18080/120 region might atleast shrug off the prospects of the 17760 move.
Derivative:
Nifty weekly contract has highest open interest at 18100 for Calls and 18000 for Puts while monthly contracts have highest open interest at 19500 for Calls and 17000 for Puts. Highest new OI addition was seen at 18050 for Calls and 18050 for Puts in weekly and at 19500 for Calls and 16700 for Puts in monthly contracts. FIIs increased their future index long position holdings by 4.42%, increased future index shorts by 32.52% and in index options by -34.08% in Call longs, -27.38% in Call short, -43.90% in Put longs and -31.32% in Put short.
USD-INR outlook:
Despite a brief foray above 82.86, the momentum could not continue, and we are back in the 82.86-82.55 band on discussion in the last few days. Bearish bias shall prevail early in the day, but slippage towards 82.65-55 region could attract bargain hunting
Above views are of the author and not of the website kindly read disclaimer
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