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Views On Morning Nifty, Derivative and Rupee Comments as of 24 November 2022 by Anand James - Chief Market Strategist at Geojit Financial Services.

Nifty outlook: 

The 18310-350 region reined in upside attempts yesterday, but the consolidation there of having managed to float above 18200/260, expect a 18430-600 dash. As is, this is still a sideways market though, but even as runaway moves are less expected, recent range extremities are likely to be challenged, if not broken.  

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 18300 for Calls and 18300 for Puts in weekly and at 18300 for Calls and 18300 for Puts in monthly contracts. FIIs increased their future index long position holdings by 9.96%, increased future index shorts by 15.83% and index options by 15.92% in Call longs, 12.72% in Call short, 10.97% in Put longs and 0.07% in Put shorts.  

USD-INR outlook:

Attempts to head to 82 persisted, but failed to gain enough momentum. Sideways trades could continue to persist, but a bearish bias may now emerge aiming for 81.4, and we would look to buy only once well below this, or above 82.  

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