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Views On Morning Nifty, Derivative and Rupee Comments as of 19 December 2022 by Anand James - Chief Market Strategist at Geojit Financial Services.

Nifty outlook: 

An inverted hammer formed on Friday, signals the prospects of a reversal today. We will play this by staying neutral to bearish if in the 18,270-195 region, but aim to add longs with push above 18,350, aiming 18,440 initially or 18,570-630. There is no visibility past the same as is. Alternatively, inability to clear 18,350 or 18,440 today would encourage us to revert to the 17,900 move.  

Derivative:

Nifty weekly contract has highest open interest at 18,600 for Calls and 18,000 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 18,400 for Calls and 18,000 for Puts in weekly and at 18,300 for Calls and 18300 for Puts in monthly contracts. FIIs increased their future index long position holdings by -0.47%, increased future index shorts by -6.15% and in index options by 37.08% in Call longs, 19.92% in Call short, 48.34% in Put longs and 36.68% in Put shorts.  

USD-INR outlook:

The 82.91-83 band continues to be an obstacle discouraging upside attempts. While we will nurture upside hopes while above 82.65, inability to float above the same will first push the trend in sideways mode, followed by plunges to 82.13.  

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