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Below are Views On Morning Nifty, Derivative and Rupee comments 11 February 2022 by Anand James - Chief Market Strategist at Geojit Financial Services 

Nifty outlook

Yesterday’s advance stalled near 17670, a level that has been acknowledged as a mine field several times over in the last few months. It would not be surprising to see Nifty with draw and look for support from the 17410-340 region which we had lined up to defend any bear attack yesterday. It did yesterday, but appears more vulnerable today. However, we would be encouraged to put aside bearish fears, if attempts to push pastor close above the 17480-17500 region is seen.

USDINR OUTLOOK

The 75 objective that we have been nurturing all through this week, was exceeded by a big margin yesterday, raising potential for a much bigger move aiming 75.5- 75.7. We will keep the downside reversal level for the day at 75.05, though a trend reversal is not expected until a close below 74.68 is seen.

Derivative comments

Nifty weekly contract has highest open interest at 17750 for Calls and 17600 for Puts while monthly contracts have highest open interest at 17600 for Calls and 17600 for Puts. Highest new OI addition was seen at 17800 for Calls and 17600 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 20.92%, increased future index shorts by -14.76% and in index options by -31.94% in Call longs, -24.45% in Call short, -40.94% in Put longs and -30.04% in Put shorts.

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