Morning Nifty, Derivative and Rupee Comments as of 08 December 2022 By Anand James, Geojit Financial Services
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Views On Morning Nifty, Derivative and Rupee Comments as of 08 December 2022 by Anand James - Chief Market Strategist at Geojit Financial Services.
Nifty outlook:
Upswings appeared feeble, and the overall construct with 18,500 or 18,360-100 as potential downside targets intactas long as the 18,620/660 congestion region remains intact. We would however wait for a rise above 18,840 to play the 19,400 run, or watch if bulls regroup on first dipinto the 18,500/480 region.
Derivative:
Nifty weekly contract has highest open interest at 18800 for Calls and 18500 for Puts while monthly contracts have highest open interest at 19000 for Calls and 18000 for Puts. Highest new OI addition was seen at 18600 for Calls and 18350 for Puts in weekly and at 18600 for Calls and 18500 for Puts in monthly contracts. FIIs increased their future index long position holdings by -5.06%, increased future index shorts by 10.26% and in index options by 7.95% in Call longs, 1.58% in Call short, 16.02% in Put longs and 0.12% in Put shorts.
USD-INR outlook:
Pull back below 82.32 has rendered the trend sideways. Expect 82.17 to see dips slowing down, 81.9 may be a strong platform to re enter longs. Direct rise back above 82.32 could however give upsides momentum, but sharp upsides are less expected.
Above views are of the author and not of the website kindly read disclaimer
