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Views On Morning Nifty, Derivative and Rupee comments 02 August 2022 by Anand James - Chief Market Strategist at Geojit Financial Services .

Nifty outlook:

Having closed near 17320, our turnaround point for yesterday, today is likely to be an eventful day. Favoured view expects a dip towards the 17240-110region, but a burst above 17355, would signal continuation of the 17500 move.

Derivatives:

Nifty weekly contract has highest open interest at 17500 for Calls and 17200 for Puts while monthly contracts have highest open interest at 18000 for Calls and 17000 for Puts. Highest new OI addition was seen at 17500 for Calls and 16500 for Puts in weekly and at 18000 for Calls and 16500 for Puts in monthly contracts. FIIs increased their future index long position holdings by 33.10%, increased future index shorts by 2.69% and index options by 5.79% in Call longs, 11.10% in Call short, 3.01% in Put longs and 20.93% in Put shorts.

USD INR: 

The steepness of the last few days’ falls call for a pull back, especially being near the congestion region of 79-78.8. Bounce backs are however likely to be restricted to 79.1-79.23.

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