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Views On Morning Nifty, Derivative and Rupee comments 16 August 2022 by Anand James - Chief Market Strategist at Geojit Financial Services.

Nifty outlook:

We are keen on opening this week with eyes set on 18200, but would remain watchful though on approach to 17835, the congestion point discussed on Friday. Inability to clear or float above the same after the initial burst could be seen as a sign of weakness setting in, but we would wait for push below 17660 before switching sides.

Derivative:

Nifty weekly contract has highest open interest at 17800 for Calls and 17000 for Puts while monthly contracts have highest open interest at 17600 for Calls and 17600 for Puts. Highest new OI addition was seen at 17800 for Calls and 17000 for Puts in weekly and at 18000 for Calls and 17500 for Puts in monthly contracts. FIIs increased their future index long position holdings by 9.63%, increased future index shorts by -2.79% and index options by 35.25% in Call longs, 20.07% in Call short, 34.99% in Put longs and 24.13% in Put shorts.

USD INR Outlook:

We had earmarked 79.8 and 79.37 as the important range extremities for Friday, and having stretched as far as 79.74, quite close to the suggested upper range, a pullback could be in play today, aiming for 79.37. However, inability to push below 79.52 could signal that uppish bias remains, though a directional up move is less likely.

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