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

Nifty outlook: 

While ruling out a collapse yesterday, we had wagered on the prospects of a recovery push, should there be a turn after meeting the downside objective of 17860. The push higher, even though encouraging, having attracted long liquidation near therecent peak, we are circumspect about chasing prices higher today, and are biased towards seeing more dips. Alternatively, a direct rise above the 18067/90 region could dispel doubts about the 18600 trajectory.  

Derivative:

Nifty weekly contract has highest open interest at 18100 for Calls and 17700 for Puts while monthly contracts have highest open interest at 18000 for Calls and 17500 for Puts. Highest new OI addition was seen at 18200 for Calls and 17900 for Puts in weekly and at 18000 for Calls and 16500 for Puts in monthly contracts. FIIs increased their future index long position holdings by -12.10%, increased future index shorts by 23.25% and in index options by -3.06% in Call longs, 8.68% in Call short, 15.39% in Put longs and -5.21% in Put shorts.  

USD-INR outlook:

The 79.60-79.70 region resisted yesterday’s advance, but, upward bias could persist, should 79.4 hold, as maintained yesterday. 

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