Morning Nifty, Derivative and Rupee comments 11 October 2022 By Anand James, Geojit Financial Services
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Views On Morning Nifty, Derivative and Rupee comments 11 October 2022 by Anand James - Chief Market Strategist at Geojit Financial Services.
Nifty outlook:
We had gone in yesterday having set a couple of milestones to confirm the 18100 trajectory. Of them, the close above 17160 is very encouraging, but we fell agonizingly short of seeing the17300 mark. We will keep faith in the recent patterns seeing them as bullish continuation, and look for 17500, should 17300 be reclaimed. Inability to float above 17160 may force us to abandon upside views, but will hope 16982 to mount a last defence beforea 16400 down move sets sail.
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 17200 for Calls and 17000 for Puts in weekly and at 17100 for Calls and 17100 for Puts in monthly contracts. FIIs increased their future index long position holdings by -4.12%, increased future index shorts by 11.16% and in index options by 36.72% in Call longs, 31.89% in Call short, 39.93% in Put longs and 35.27% in Put shorts.
USD-INR outlook:
Despite the slippages yesterday, the close near 82.4 keeps the upside bias intact aiming83.4. As maintained yesterday, we will look for inability to float above 82.4 or a direct slippage past 82.27 to play downsides.
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