Morning Nifty, Derivative and Rupee Comments as of 10 November 2022 By Anand James, Geojit Financial Services
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Views On Morning Nifty, Derivative and Rupee Comments as of 10 November 2022 by Anand James - Chief Market Strategist at Geojit Financial Services.
Nifty outlook:
Inability to float above 18350 after the opening burst invited long liquidation pressure as feared, and subsequent slippage past 18200 has positioned Nifty for sizable downsides. An outright fall is less expected though, before an 18600 test and initial dips into the 18100-17960 region will allow bulls to regroup. However,slippage past the same will bring 17760 and 17400 back inthe radar.
Derivative:
Nifty weekly contract has highest open interest at 18300 for Calls and 18000 for Puts while monthly contracts have highest open interest at 19000 for Calls and 17000 for Puts. Highest new OI addition was seen at 18300 for Calls and 17900 for Puts in weekly and at 18300 for Calls and 18200 for Puts in monthly contracts. FIIs increased their future index long position holdings by 3.43%, increased future index shorts by -1.47% and index options by 13.23% in Call longs, 12.76% in Call short, 29.12% in Put longs and 2.63% in Put shorts.
USD-INR outlook:
Though bears dominated moves yesterday, aiming for our target of 81, the recovery towards close encourages us to look for a pull back towards 81.85. However, it would require a push beyond this to lend momentum to upsides; else expect downsides to resume.
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