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Views On Morning Nifty, Derivative and Rupee Comments as of 10 January 2023 by Anand James - Chief Market Strategist, Geojit Financial Services

Nifty outlook: 

Despite the volatility yesterday, the close above the 18,070 region has retained upside hopes, but with modesty targets of 18,240-320. Meanwhile, an early inability to float above the 18,040/18,000 region today, could initiate a breakdown towards 17,800.  

Derivative:

Nifty weekly contract has highest open interest at 18,300 for Calls and 18,000 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 18,300 for Calls and 18,000 for Puts in weekly and at 20,000 for Calls and 18,000 for Puts in monthly contracts. FIIs increased their future index long position holdings by 11.86%, increased future index shorts by -18.81% and in index options by -3.24% in Call longs, 7.02% in Call short, -9.40% in Put longs and 20.77% in Put shorts  

USD-INR outlook:

After several failed attempts to breeze past 83 a down move is in play. An upswing may be attempted early in the day, but if such upswings fail to hold above 82.27 , expectslippages to resume aiming for the 82-81.75 region.  

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