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Views On Morning Nifty, Derivative and Rupee comments 15 July 2022 by Anand James - Chief Market Strategist at Geojit Financial Services 

Nifty outlook

A morning star pattern in hourly charts is probably signalling the dawn of a reversal move, which could potentially see Nifty marching to a new high. We will approach this construct by first riding the reaction rally till 16035, and seek confirmation from performance at 16150, for the rest of the play. Downside marker for this play may be placed at 15940/925, below which, expect15700s.

Derivative comments

Nifty weekly contract has highest open interest at 15950 for Calls and 15900 for Puts while monthly contracts have highest open interest at 16400 for Calls and 15600 for Puts. Highest new OI addition was seen at 15950 for Calls and 15900 for Puts in weekly and at 16000 for Calls and 15500 for Puts in monthly contracts. FIIs increased their future index long position holdings by -10.99%, increased future index shorts by 3.10% and in index options by -32.61% in Call longs, -17.64% in Call short, -47.46% in Put longs and -25.35% in Put shorts.

USD INR

Expect reversal moves aiming 79.86, followed by 79.58. Pull back above 79.5 will negate the bearmove, but we do not expect extended rallies today

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