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Views On Morning Nifty, Derivative and Rupee Comments as of 16 November 2022 by Anand James - Chief Market Strategist at Geojit Financial Services.

Nifty outlook: 

Consolidation inside the 18480-350 region continues, withdips finding buying interest on anticipated lines, withrallies fizzling out before they mature. Favoured view expects positive bias to linger on, aiming for 18460 or18530 initially. Inability to float above 18360 early in the day, would however force us to revert to a neutral stance. 

Derivative:

Nifty weekly contract has highest open interest at 19000 for Calls and 18000 for Puts while monthly contracts have highest open interest at 19500 for Calls and 18000 for Puts. Highest new OI addition was seen at 18900 for Calls and 18300 for Puts in weekly and at 18300 for Calls and 18300 for Puts in monthly contracts. FIIs increased their future index long position holdings by 17.96%, increased future index shorts by -18.06% and in index options by 31.00% in Call longs, 21.23% in Call short, 38.84% in Put longs and 50.88% in Put shorts. 

USD-INR outlook:

Rejection trades dominated yesterday, with upsides failing to continue momentum. The Declining wedge that we discussed yesterday is still potent, encouraging us to favour upsides, today with 81.7 in sight. Inability to float above 81 would however render the trend sideways.  

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