Morning Nifty, Derivative and Rupee Comments as of 11 January 2023 by Anand James, Geojit Financial Services
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Views On Morning Nifty, Derivative and Rupee Comments as of 11 January 2023 by Anand James - Chief Market Strategist, Geojit Financial Services
Nifty outlook:
A pull back is in order aiming 18100, performance at which region will be important towards playing the 18320 trajectory. Alternatively, inability to push beyond 18020, will keep yesterday’s down move intact, aiming for 17800. Collapse beyond the same is less expected for now.
Derivative:
Nifty weekly contract has highest open interest at 18000 for Calls and 17700 for Puts while monthly contracts have highest open interest at 18000 for Calls and 18000 for Puts. Highest new OI addition was seen at 18000 for Calls and 17700 for Puts in weekly and at 18000 for Calls and 17800 for Puts in monthly contracts. FIIs increased their future index long position holdings by 0.25%, increased future index shorts by 37.87% and in index options by 12.96% in Call longs, 7.39% in Call short, 26.75% in Put longs and -2.65% in Put shorts.
USD-INR outlook:
The collapse towards our target of 82-81.75 region unfolded with surprising swiftness yesterday. This turn of events paves way for extended downsides with support seen only at the recent reaction low of 80.98. Meanwhile, the steepness of yesterday’s fall calls for a minor pull back, but such moves are likely to be resisted at 81.78 or 82.15.
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