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Views On Morning Nifty, Derivative and Rupee comments 09 September  2022 by Anand James - Chief Market Strategist at Geojit Financial Services.

Nifty outlook: 

Our stance yesterday was to ride the upsides until 17770-850before looking for signs of bears regrouping. Wayward VIX had refrained us from committing to a directional move even though the 18600 trajectory has been maturing for a while now. This has been the reason for riding the recent moves pivot to pivot rather than embarking on an expansive move. From this perspective, we will go in today, with a downside marker pushed higher to17750, aiming for 17975. While we are biased towards extending upside, we are equally mindful of a sharp long liquidation, should Nifty slip beyond 17700 again

Derivative:

Nifty weekly contract has highest open interest at 17800 for Calls and 17750 for Puts while monthly contracts have highest open interest at 18000 for Calls and 17800 for Puts. Highest new OI addition was seen at 17800 for Calls and 17000 for Puts in weekly and at 18000 for Calls and 16000 for Puts in monthly contracts. FIIs increased their future index long position holdings by 24.72%, increased future index shorts by -2.24% and in index options by -44.45% in Call longs, -35.13% in Call short, -53.77% in Put longs a

USD-INR outlook:

The stickiness to 79.7 vicinity for the last couple of days appears to be a sign that the anticipated directional move towards 80.3 has stalled. This prompts us to revert to a range trading stance within the 79.5-80 region, until a breakout sets off.

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