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Views On Morning Nifty, Derivative and Rupee Comments as of 07 December 2022 by Anand James - Chief Market Strategist at Geojit Financial Services.

Nifty outlook: 

We will begin today with better prospects of a swing higher, but such a push higher would still be within the bearish construct that sees 18,500 or 18,360-100 as potential targets. However, a direct rise above 18,840 could set the path clear for a 19,400 run.

Derivative:

Nifty weekly contract has highest open interest at 19,000 for Calls and 18,600 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 18,600 for Calls and 18,600 for Puts in weekly and at 18,700 for Calls and 18,700 for Puts in monthly contracts. FIIs increased their future index long position holdings by -4.86%, increased future index shorts by 16.95% and in index options by 1.07% in Call longs, 7.36% in Call short, 6.20% in Put longs and -1.79% in Put shorts.  

USD-INR outlook:

Having broken past a key resistance of 81.9 that had stood for a month, the prospects of a new high needs to be considered. This brings 84.8 into the picture, assuming that 83.26 will be cleared. Alternatively, we may see the present run of upsides ending at 82.8, which calls for the downside marker to be placed at 82.32.  

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