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Views On Morning Nifty, Derivative and Rupee comments 14 July 2022 by Anand James - Chief Market Strategist at Geojit Financial Services 

Nifty outlook

Early dips to 15870 could present an opportunity to swing higher. However, inability to scale the 15980-16040 barrier will set up the environment for another plunge aiming at the lower 15700s.

Derivative comments

Nifty weekly contract has highest open interest at 16300 for Calls and 15800 for Puts while monthly contracts have highest open interest at 16000 for Calls and 16000 for Puts. Highest new OI addition was seen at 16500 for Calls and 15500 for Puts in weekly and at 16500 for Calls and 15500 for Puts in monthly contracts. FIIs increased their future index long position holdings by -11.91%, increased future index shorts by -7.97% and in index options by -10.05% in Call longs, 1.70% in Call short, 6.07% in Put longs and -0.71% in Put shorts.

USD INR

As we approach the near term objective of 79.9, volatility may resurface, towards which end, the downside marker may be pushed higher towards 79.4. Dips to 79.58-50 may be an ideal entry point for longs.

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