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Views On Morning Nifty, Derivative and Rupee Comments as of 05 December 2022 by Anand James - Chief Market Strategist at Geojit Financial Services.

Nifty outlook: 

Though Nifty recovered well in the closing hour retaining hopes of maintaining an upside trajectory, the penetration of our downside marker of 18,715 has sounded a warning. Inability to close above 18,715 today or an outright fall below 18,600 will confirm bearish suspicions even before 18,470 is seen, but until then expect attempts to push higher.

  Derivative:

Nifty weekly contract has highest open interest at 19,000 for Calls and 18,700 for Puts while monthly contracts have highest open interest at 19,000 for Calls and 18,000 for Puts. Highest new OI addition was seen at 18,700 for Calls and 18,700 for Puts in weekly and at 18,800 for Calls and 17,800 for Puts in monthly contracts. FIIs increased their future index long position holdings by -19.54%, increased future index shorts by 26.42% and in index options by 23.52% in Call longs, 15.22% in Call short, 75.91% in Put longs and 4.44% in Put shorts.  

USD-INR outlook:

After a couple of sessions in the 81 vicinity, we are bracing for a challenge of the upper extremity at 81.35. Push beyond the same would revive upside hopes, but with several challenges at 81.65, 81.80 and 82, a directional up move is less expected.  

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