IGI Logo

Views On Morning Nifty, Derivative and Rupee Comments as of 05 January 2023 by Anand James - Chief Market Strategist, Geojit Financial Services

Nifty outlook: 

Though the pull back towards close restricted a breach of 18000 yesterday, bears dominated the day, bringing 17500 into the radar. An outright collapse is less expected early today though. Favoured view expects renewed bargain hunting from the 18000 vicinity, but we would wait for a breach of 18150 to confirm strength.Alternatively, direct fall below 17960 will allow bears to continue dominance with nearest support seen at 17670.  

Derivative:

Nifty weekly contract has highest open interest at 19000 for Calls and 18000 for Puts while monthly contracts have highest open interest at 18200 for Calls and 18000 for Puts. Highest new OI addition was seen at 18200 for Calls and 17300 for Puts in weekly and at 18100 for Calls and 17900 for Puts in monthly contracts. FIIs increased their future index long position holdings by -9.31%, increased future index shorts by 30.33% and in index options by 8.63% in Call longs, 13.19% in Call short, 33.79% in Put longs and -3.08% in Put shorts.  

USD-INR outlook:

Consistent failure to set off on a direction upside to 83.25 despite several advances,suggest that USDINR slipped back into the 82.75-82.59 band before setting off on a fresh directional move. For the day, we would look for a pull back above 82.78 before playing upsides.  

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