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Views On Morning Nifty, Derivative and Rupee comments 13 July 2022 by Anand James - Chief Market Strategist at Geojit Financial Services 

Nifty outlook

Having slipped to 16040 on anticipated lines, we would be comfortable seeing it getting extended to 15950 before a more sustainable upswing could be played. But having retraced almost240 points from the recent top, it is fair to expect a swing back higher, though low vix could again limit the possibilities of a clean breach of 16150 which had held firm on anticipated lines, yesterday as well.

Derivative comments

Nifty weekly contract has highest open interest at 16200 for Calls and 15700 for Puts while monthly contracts have highest open interest at 16100 for Calls and 16000 for Puts. Highest new OI addition was seen at 16200 for Calls and 15700 for Puts in weekly and at 16500 for Calls and 15500 for Puts in monthly contracts.

USD INR

A series of long shadowed bodies indicates rejection trades, but with higher highs almost every day, the upside momentum continues to dominate the oscillator divergences that have been signalling dips. With these in perspective, we continue to keep 79.25 as the downside marker, and stay with the uptrend aiming for 79.9 in the near term, followed by 81.

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