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Views On Morning Nifty, Derivative and Rupee Comments as of 30 December 2022 by Anand James - Chief Market Strategist, Geojit Financial Services

Nifty outlook: 

We had favoured consolidation yesterday within 18040-17940 rather than an outright collapse, because the structure that had encouraged us to keep playing for the 18400 objective was very much intact. While we had been cautiously optimistic, while playing the turn from 17800, a breach of 18400 could encourage us to abandon such restraint and instead commission a much stronger move aiming 18680, the 2nd objective. We will push the downside marker higher to 18235, once we head into the 18300-400 band.  

Derivative:

Nifty weekly contract has highest open interest at 18200 for Calls and 18000 for Puts while monthly contracts have highest open interest at 18200 for Calls and 18000 for Puts. Highest new OI addition was seen at 18200 for Calls and 18150 for Puts in weekly and at 18200 for Calls and 18150 for Puts in monthly contracts. FIIs increased their future index long position holdings by -7.59%, increased future index shorts by -34.81% and in index options by -61.00% in Call longs, -54.98% in Call short, -68.88% in Put longs and -53.03% in Put shorts.  

USD-INR outlook:

The 82.84/88 region has continued to be a supply zone, but downside momentum has failed to kick in. This is to be expected, as the expectation is only towards a consolidation with a negative bias rather than a collapse. The 83.25 view appears doubtful now, but we would consider it once above 82.88, and until then, expect slippages to 82.75-82.59.  

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