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

Nifty outlook

While nudging past each of the challenges, Nifty never looked like abandoning caution, suggesting that the bias has progressively turned upwards…a stance also visible in our last few days’ commentary. We have more challenges ahead at 17520 and17670, but favoured view sees Nifty all set for the long haul towards 18200 and more. Meanwhile, the proximity of congestion points will ensure that eyes are not taken off the reversal points, which for the day would be 17410/17340.

USD INR outlook

A positive bias lingered on as expected and the anticipated move to 75 fizzled out after briefly testing 74.86. We will keep the positive bias for now, but may have to realign expectations, on a close below 74.68

Derivative comments

Nifty weekly contract has highest open interest at 17700 for Calls and 17400 for Puts while monthly contracts have highest open interest at 17800 for Calls and 17250 for Puts. Highest new OI addition was seen at 18000 for Calls and 17000 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 5.04%, increased future index shorts by -13.74% and in index options by -0.21% in Call longs, 2.72% in Call short, -13.95% in Put longs and 11.44% in Put shorts.

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