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Views On Morning Nifty, Derivative and Rupee Comments as of 26 December 2022 by Anand James - Chief Market Strategist, Geojit Financial Services

Nifty outlook: 

Rise in VIX may allow for a pull back, without quite confirming an upside reversal. The 18,000 region is a critical level to such an event, which could again force a turn lower. If such declines do not force beyond 17670 oreven 18800, expect a turn higher again which could aimfor 18,100 or even 18,250.  

Derivative:

Nifty weekly contract has highest open interest at 18,000 for Calls and 17,000 for Puts while monthly contracts have highest open interest at 18,000 for Calls and 17,000 for Puts. Highest new OI addition was seen at 18000 for Calls and 17,800 for Puts in weekly and at 18,000 for Calls and 17,800 for Puts in monthly contracts. FIIs increased their future index long position holdings by -0.78%, increased future index shorts by 6.93% and in index options by 30.14% in Call longs, 23.57% in Call short, 43.89% in Put longs and 29.36% in Put shorts.  

USD-INR outlook:

USDINR is not quite far from record peak, but does not appear ready for a breakout move higher despite several periods of consolidation in this vicinity. Towards this end, expectsideways moves while inside 82.84-82.59. While 82.84/88 is not a breakout point, we will again be encouraged to look for 83.25, once above.

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