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Views On Morning Nifty, Derivative and Rupee comments 07 July 2022 by Anand James - Chief Market Strategist at Geojit Financial Services 

Nifty outlook

The 16200 objective was put in play yesterday without any deal of dip. is expected to remain in play. Oscillators have begun to show negative divergences, which may bring in volatility into the 16100-16200 region. A collapse is less expected though. With several signs of a shift from an oscillating trend to a directional one, we have moved the downside marker from 15500 to 15800, with expectation of 15950 holding most dips before seeing 16200.

Derivative comments

Nifty weekly contract has highest open interest at 16000 for Calls and 15900 for Puts while monthly contracts have highest open interest at 15900 for Calls and 15900 for Puts. Highest new OI addition was seen at 16000 for Calls and 15500 for Puts in weekly and at 16500 for Calls and 15000 for Puts in monthly contracts. FIIs increased their future index long position holdings by 13.24%, increased future index shorts by -5.65% and in index options by 11.90% in Call longs, 9.98% in Call short, 26.11% in Put longs and 11.80% in Put shorts.

USD INR outlook

After a brief foray into the 79.4 vicinity, our target for yesterday, USDINR slipped back beyond our downside markers of 79.3 as well as 79.17, rendering the trend weak. We will watch the performance near the congestion region of 78.95 before evaluating the prospects of 78.6, until which, upswings to 79.17 could be expected.

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