Morning Nifty, Derivative and Rupee comments 10 October 2022 By Anand James, Geojit Financial Services
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Views On Morning Nifty, Derivative and Rupee comments 10 October 2022 by Anand James - Chief Market Strategist at Geojit Financial Services.
Nifty outlook:
The proximity of the 200 day SMA at 16982 lends an opportunity for bulls to regroup. However, it would require a pull back above 17160 to serve as confirmation,in which case, we may get back to 17300 right away andthe return to 18115 trajectory depends on this. Alternate Scenario sees 16400, should we fail to close above 17160.
Derivative:
Nifty weekly contract has highest open interest at 18000 for Calls and 17000 for Puts while monthly contracts have highest open interest at 18000 for Calls and 17000 for Puts. Highest new OI addition was seen at 18000 for Calls and 17000 for Puts in weekly and at 18000 for Calls and 17000 for Puts in monthly contracts. FIIs increased their future index long position holdings by 5.07%, increased future index shorts by 1.89% and index options by 16.82% in Call longs, 11.57% in Call short, 26.55% in Put longs and 27.37% in Put shorts.
USD-INR outlook:
The anticipated move to 82.5 almost achieved, an extension in upmove aiming 83.4 is favoured. Failure scenario is inability to float above 82.4 or a direct slippage past 82.27.
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