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Views On Morning Nifty, Derivative and Rupee Comments as of 21 December 2022 by Anand James - Chief Market Strategist at Geojit Financial Services.

Nifty outlook: 

The anticipated consolidation briefly breached our downside marker of 18,270, before pulling back swiftly.The failure to collapse was because the structure had room for upsides, towards 18,520-670 or even the 18,800sas discussed. But given yesterday’s volatility, the extent of upsides need a revisit. Inability to clear 18,530 with the present momentum, will sound the first warning towards weakness, but we would watch the performance inside the 18,430-463 region before reverting to the downside view.  

Derivative:

Nifty weekly contract has highest open interest at 18,600 for Calls and 18,300 for Puts while monthly contracts have highest open interest at 18,500 for Calls and 18,300 for Puts. Highest new OI addition was seen at 18,800 for Calls and 18,200 for Puts in weekly and at 18,400 for Calls and 18,200 for Puts in monthly contracts. FIIs increased their future index long position holdings by -14.98%, increased future index shorts by 26.77% and in index options by -3.50% in Call longs, 2.04% in Call short, 2.97% in Put longs and -5.29% in Put shorts.  

USD-INR outlook:

Upsides stalled after briefly piercing 82.8 ear marked yesterday. Declines failed to gather momentum either resigning the trend into a sideways mode for today. Congestion region is seen near 82.60-82.70, in the vicinity of which, USDINR is likely to stick for most part, but a break past 82.88-82.29 would signal directional moves.

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