Morning Nifty, Derivative and Rupee comments 03 August 2022 by Anand James, Geojit Financial Services
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Views On Morning Nifty, Derivative and Rupee comments 03 August 2022 by Anand James - Chief Market Strategist at Geojit Financial Services .
Nifty outlook:
The first leg of the downsides anticipated yesterday into the 17240-110 region, unfolded in the first half, only to find strong bargain buying catapulting Nifty above yesterday’s high. This relentless buying interest is classic of bull phases, but the rise inVIX in the last two days hint at an increase in vulnerability especially as we move closer to 17500. However negative divergences in oscillators spotted in short periodicities are yet to appear in the longer time frame, suggesting that Nifty needs more time in the 17500 vicinity before a turn lower unfolds. For now 17220 may be kept as the downside marker.
Derivative
Nifty weekly contract has highest open interest at 17800 for Calls and 17300 for Puts while monthly contracts have highest open interest at 17300 for Calls and 17300 for Puts. Highest new OI addition was seen at 17500 for Calls and 17200 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 -22.37%, increased future index shorts by 16.26% and in index options by 0.93% in Call longs, 12.35% in Call short, -3.18% in Put longs and -4.44% in Put shorts.
USD INR Outlook
A pull back above 78.75 is favoured, followed by a consolidation. However, in the event of extension of such up move towards 78.95, expect renewed selling pressure.
Above views are of the author and not of the website kindly read disclaimer
