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Views On Morning Nifty, Derivative and Rupee Comments as of 29 December 2022 by Anand James - Chief Market Strategist, Geojit Financial Services

Nifty outlook: 

The consolidation that was expected yesterday in the 18,096-18,040 region turned out to be brief, with Nifty persisting with the upside bias mostly for the rest of the day. The closing hours did see sharp pull back, which rings in caution. But we are inclined to expect consolidation inside 18,040-1,7940 rather than an outright collapse. Slippage past this band would force us to reconsider 17,670, while the prospects of 18,400 would be up,should slippages manage to be contained within the 18,040-17,940 band.  

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 18,500 for Calls and 18,100 for Puts in weekly and at 18,500 for Calls and 18,100 for Puts in monthly contracts. FIIs increased their future index long position holdings by 0.88%, increased future index shorts by -3.80% and in index options by 0.34% in Call longs, 0.82% in Call short, 0.19% in Put longs and 2.51% in Put shorts.  

USD-INR outlook:

Upside momentum failed to emerge as 82.84/88 has continued to be a supply zone. We will still look for 83.25 should there be another breach beyond the 82.88 region, while 82.75-82.59 would be a sideways band.

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