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

Nifty outlook: 

Having consolidated for several days in the 18430-600region, the stage is now set for a decisive move. While Visibility past 18800-19000 is limited as of now, inability to float above 18470 will rekindle fears of a 17850 drop.We will play this, today with downside marker placed at 18320, allowing bulls a window for regrouping.  

Derivative:

Nifty weekly contract has highest open interest at 19000 for Calls and 18300 for Puts while monthly contracts have highest open interest at 19000 for Calls and 18000 for Puts. Highest new OI addition was seen at 19000 for Calls and 18500 for Puts in weekly and at 20000 for Calls and 18500 for Puts in monthly contracts. FIIs increased their future index long position holdings by -1.90%, increased future index shorts by 34.52% and in index options by 50.73% in Call longs, 23.90% in Call short, 105.01% in Put longs and 12.77% in Put shorts.  

USD-INR outlook:

USD-INR looks rejuvenated after a week-long consolidation. As long as 81.35 holds, we might be in for a 82 to 82.2 move, that could set the bias strongly upwards. However, inability to float above 81.53 could dilute our upside expectations.  

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