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Views On Morning Nifty, Derivative and Rupee Comments as of 23 December 2022 by Anand James - Chief Market Strategist at Geojit Financial Services.

Nifty outlook: 

While our projected target of 17,900 has continued to attract prices lower, positive divergences in oscillators are beginning to show up, reducing the odds of fallsbeyond the same. This contention is important as we had warned about the possibility of having to consider the possibilities of 16,800, should we get to the present levels. Expect reversal attempts once in the 18,000 vicinity, but inability to scale 18,250 on the bounce should confirm a downtrend aiming at 17,670 initially.  

Derivative:

Nifty weekly contract has highest open interest at 18,500 for Calls and 18,100 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 18,150 for Calls and 18,100 for Puts in weekly and at 19,000 for Calls and 18,200 for Puts in monthly contracts. FIIs increased their future index long position holdings by -1.69%, increased future index shorts by 6.13% and in index options by -33.36% in Call longs, -26.45% in Call short, -48.29% in Put longs and -36.71% in Put shorts.  

USD-INR outlook:

Moves were extremely lacklustre yesterday, retaining only a mild positive bias. We are still close to the 82.88 marker, a break of which could open room for 83.25. However,oscillators are not primed for a directional upside and a pull back again inside the 82.88 –82.6 band is also possible after the initial upside break, which may render the trend neutral.  

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