Morning Nifty, Derivative and Rupee comments 14 October 2022 By Anand James, Geojit Financial Services
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Views On Morning Nifty, Derivative and Rupee comments 12 October 2022 by Anand James - Chief Market Strategist at Geojit Financial Services.
Nifty outlook:
With 16800 remaining intact, the anticipated up move aiming 17260-430 continues to be in play. Failure Scenario to this move, for the day, would be an inability to float above 17115.
Derivative:
Nifty weekly contract has highest open interest at 17500 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 17050 for Calls and 16950 for Puts in weekly and at 17000 for Calls and 17000 for Puts in monthly contracts. FIIs increased their future index long position holdings by -0.76%, increased future index shorts by 4.34% and in index options by -19.34% in Call longs, -15.68% in Call short, -22.26% in Put longs and -33.85% in Put shorts.
USD-INR outlook:
While USDINR continues to stick around 82.4 vicinity restraining breakout moves, the prospects of the one on the higher side, which we had favoured, appears to be receding. A break below 82.3could expose 81.8-80.95, which would be the move in play today. Alternatively, it would require a break beyond 82.7, to play sharp upmoves aiming 83.3-83.6, but it would only require a pull back again in the 82.4 vicinity to force us to abandon the downside move.
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