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Views On Morning Nifty, Derivative and Rupee Comments as of 20 December 2022 by Anand James - Chief Market Strategist at Geojit Financial Services.

Nifty outlook: 

The reversal moves lined up for yesterday unfolded unanticipated lines, almost meeting the objective of 18,440. Favoured view sees a period of consolidation early today inside the 18,360-320 region before a directional movie unfolds. We will hold the 17,900 view on standby for now, and wait for a slippage below 18,270 to play the same, and until then, the bias looks to tilt towards seeing 18,520-670 or even the 18,800s.  

Derivative:

Nifty weekly contract has highest open interest at 19,000 for Calls and 18,300 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 18,300 for Puts in weekly and at 18,500 for Calls and 18300 for Puts in monthly contracts. FIIs increased their future index long position holdings by -1.73%, increased future index shorts by -17.25% and in index options by 15.20% in Call longs, 10.37% in Call short, 3.68% in Put longs and 24.97% in Put shorts.  

USD-INR outlook:

Upside hopes prevailed while above 82.65 on anticipated lines, but lacked the vigour required inorder to play them, or project more upside. Consequently a turn lower has unfolded, which could extend as far as 82, before another go at 83 or 83.25 unfolds. Such a move could also set off, if there is a mid day reversal on the upside past 82.80.

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