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Views On Morning Nifty, Derivative and Rupee Comments as of 22 November 2022 by Anand James - Chief Market Strategist at Geojit Financial Services.

Nifty outlook: 

Dips to 18100 vicinity have made the trend more fluid. Bears failed to find momentum, and have certainly given away the advantage to the bulls. The follow through moves of yesterday’s recovery upsides will have momentum till atleast 18310. However, inability to sustain above 18200 in the opening hour could be a sign that a breach of 18000 could be in order.  

Derivative:

Nifty weekly contract has highest open interest at 18300 for Calls and 18000 for Puts while monthly contracts have highest open interest at 18300 for Calls and 18000 for Puts. Highest new OI addition was seen at 18200 for Calls and 17900 for Puts in weekly and at 18200 for Calls and 17900 for Puts in monthly contracts. FIIs increased their future index long position holdings by -7.47%, increased future index shorts by -0.08% and in index options by 3.78% in Call longs, 6.04% in Call short, 13.09% in Put longs and 5.78% in Put shorts.  

USD-INR outlook:

As expected, though upside vibes are still around, the 81.7-82 region continues to act as a supply zone rejecting upside attempts. For now, all downsides have found buying, but aslippage past 81.45 could dilute such ability to spring back.  

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