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Views On Morning Nifty, Derivative and Rupee Comments as of 13 December 2022 by Anand James - Chief Market Strategist at Geojit Financial Services.

Nifty outlook: 

An early plunge into the 18,300s allowed bulls to regroup yesterday. But, that 18,560 has not been conquered yet keeps the bears also in play. That said, the odds are slightly tilted in favour of the bulls at open with the 18,560-700 band acting as a decision making void until directional momentum emerges, and an outright collapse is ruled out for now. 

  Derivative:

Nifty weekly contract has highest open interest at 18,600 for Calls and 18,400 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 19,000 for Calls and 18,400 for Puts in weekly and at 19,100 for Calls and 18,000 for Puts in monthly contracts. FIIs increased their future index long position holdings by -0.07%, increased future index shorts by -8.21% and in index options by 13.79% in Call longs, 8.16% in Call short, 0.22% in Put longs and 22.51% in Put shorts.  

USD-INR outlook:

Weakness emerged almost as soon as stretching as far as our objective of 82.76. However, that 82.48 remained intact suggests that yet another go at 82.76 could be tried. The 82.48-82.76 is a sideways range for the day, and we would look for a break beyond the same for directional trades.  

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