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Views On Morning Nifty, Derivative and Rupee comments 1 september  2022 by Anand James - Chief Market Strategist at Geojit Financial Services.

Nifty outlook: 

The evening star pattern in weekly has been invalidated, but the extraordinary rise on Tuesday, that marked the biggest single day gain since May makes it a difficult act to continue today. This forces us to retain the downside marker at 17250, and hopes to see a close back above17600, in order to keep up the hopes of an 18600 move in the short term.

Derivative

Nifty weekly contract has highest open interest at 17950 for Calls and 17500 for Puts while monthly contracts have highest open interest at 18700 for Calls and 17500 for Puts. Highest new OI addition was seen at 18000 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 23.28%, increased future index shorts by -16.71% and in index options by 3.56% in Call longs, 20.03% in Call short, -10.16% in Put longs and 12.17% in Put shorts

USD INR outlook 

A swing higher towards 79.7 may be expected as long as 79.45 holds. Inability to breach 79.7 or a renewed attack of 79.45 could call for 79.15-79

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