Morning Nifty, Derivative and Rupee Comments as of 09 November 2022 By Anand James, Geojit Financial Services
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Views On Morning Nifty, Derivative and Rupee Comments as of 09 November 2022 by Anand James - Chief Market Strategist at Geojit Financial Services.
Nifty outlook:
Though the pull back evolved on anticipated lines, therecovery in the second half puts Nifty in firm footing for not only a firm push into the 18350-600 band, but sets up a strong case for breach of the same, given the maturing of bullish continuation patterns. However, inability to float above 18350 after initial burst could invite long liquidation pressure, but it would require a slippage past 18200 for sizable downsides, which could expose 17760-400. An Outright fall is less expected though, before a 18600 test.
Derivative:
Nifty weekly contract has highest open interest at 19000 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 18400 for Calls and 18200 for Puts in weekly and at 18200 for Calls and 18200 for Puts in monthly contracts. FIIs increased their future index long position holdings by 2.96%, increased future index shorts by 6.51% and in index options by -4.50% in Call longs, -1.32% in Call short, -6.67% in Put longs and -1.71% in Put shorts.
USD-INR outlook:
Momentum favours continued slippage towards 81. Alternatively, pull back above 81.85would lend momentum to upsides.
Above views are of the author and not of the website kindly read disclaimer
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