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Views On Morning Nifty, Derivative and Rupee Comments as of 28 December 2022 by Anand James - Chief Market Strategist, Geojit Financial Services

Nifty outlook: 

Yesterday’s pull back stopped just short of testing our downside marker of 17,940 before bouncing back swiftly. The day closed without fully achieving the 17,200 objective but the 17,800-18,200 that had been in play so far, appears to be fully done. Consolidation is expected today, initially in the 18,096-18,040 region which may extend further downwards. If 17,940 fails to hold, we may have to re-consider 17,670 or deeper, though collapse is less likely today. Alternatively, successful bounce back above 18,096 could encourage us to look for 18,400.

Derivative:

Nifty weekly contract has highest open interest at 18,200 for Calls and 18,000 for Puts while monthly contracts have highest open interest at 18,200 for Calls and 18,000 for Puts. Highest new OI addition was seen at 18,600 for Calls and 18000 for Puts in weekly and at 18600 for Calls and 18,000 for Puts in monthly contracts. FIIs increased their future index long position holdings by -6.58%, increased future index shorts by -7.54% and in index options by -0.33% in Call longs, -0.43% in Call short, 2.43% in Put longs and 5.09% in Put shorts.  

USD-INR outlook:

The spike above 82.75 forced us to abandon the downside plays, but directional moves did not set off as 82.84/88 continued to hold. While this is not a breakout level, breach of the same may encourage us to look for 83.25. We will continue to have the downside marker at 82.59.  

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