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Views On Morning Nifty, Derivative and Rupee comments 10 August 2022 by Anand James - Chief Market Strategist at Geojit Financial Services.

Nifty outlook:

The upside attempt on Monday stalled after the 17450-570 region sucked out the momentum, yet again. An attempt to regroup and aim for 17750 could unfold, if early weaknesses are held above 17380 or if 17570 gets broken right away. Inability to do so should call for falls to at least 17220 before buying interest trickles in. Either way, with VIX upward bound in the last few days, and hovering near 20 now, volatility should dominate the rest of the week.

Derivative:

Nifty weekly contract has highest open interest at 18500 for Calls and 17400 for Puts while monthly contracts have highest open interest at 17500 for Calls and 17500 for Puts. Highest new OI addition was seen at 18000 for Calls and 17400 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 7.78%, increased future index shorts by 6.99% and index options by 24.18% in Call longs, 23.09% in Call short, 4.19% in Put longs and 26.92% in Put short.

USD INR Outlook:

The pullback anticipated on Friday into the 79.2-79.5 region has fully matured. A consolidation is now expected, but should 79.3 hold slippages, a revisit of 80 cannot be ruled out.

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