IGI Logo

Views On Morning Nifty, Derivative and Rupee Comments as of 13 January 2023 by Anand James - Chief Market Strategist, Geojit Financial Services

Nifty outlook: 

Though yesterday’s brief slippage below our turnaround level of 17800 raised some panic, the pull back thereof encourages us to stay with the 18100 view, with plans of expanding to 18560, once above 18300. However, avertical rise is less expected today and we would be cautious about rejection trades reappearing in the 17960-18020 vicinity.  

Derivative:

Nifty weekly contract has highest open interest at 17900 for Calls and 17800 for Puts while monthly contracts have highest open interest at 18000 for Calls and 18000 for Puts. Highest new OI addition was seen at 17850 for Calls and 17850 for Puts in weekly and at 17900 for Calls and 17900 for Puts in monthly contracts. FIIs increased their future index long position holdings by -4.19%, increased future index shorts by 3.26% and in index options by -37.21% in Call longs, -32.62% in Call short, -47.39% in Put longs and -43.09% in Put shorts.  

USD-INR outlook:

Our anticipated target of 80.98 will be in play today, with prospects of extension in downtrend aiming at 80.5. Upsides are likely to be resisted at 81.5, beyond which only bears will lose grip.  

Above views are of the author and not of the website kindly read disclaimer