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Views On Morning Nifty, Derivative and Rupee Comments as of 17 November 2022 by Anand James - Chief Market Strategist at Geojit Financial Services.

Nifty outlook: 

Directional moves have gone missing in the last few days. Amidst this, though bullish patterns are intact,it might require dips to be more substantial to invite larger upmoves. Towards this end, 18280 or even 18000 will be in the radar. Alternatively, direct rise above 18460/80 could revive hopes of 18800, though18530 and 18604 will remain initial challenges.  

Derivative:

Nifty weekly contract has highest open interest at 18400 for Calls and 18300 for Puts while monthly contracts have highest open interest at 19000 for Calls and 18000 for Puts. Highest new OI addition was seen at 18400 for Calls and 18400 for Puts in weekly and at 18900 for Calls and 18400 for Puts in monthly contracts. FIIs increased their future index long position holdings by 11.89%, increased future index shorts by -8.16% and in index options by 6.70% in Call longs, 6.88% in Call short, -1.34% in Put longs and 8.91% in Put shorts.  

USD-INR outlook:

USDINR looked well poised for 81.7 early in the day, as anticipated, but the up movie fizzled off as the day unfolded. The turn lower thereof did not set off a directional downside though, as bargain hunting remerged. Expect a few more attempts today to scale81.7, as long as 81.3-81.2 holds.  

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