Morning Nifty, Derivative and Rupee comments 16 September 2022 By Anand James, Geojit Financial Services
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Views On Morning Nifty, Derivative and Rupee comments 16 September 2022 by Anand James - Chief Market Strategist at Geojit Financial Services.
Nifty outlook:
The downside bias that was expected to prevail yesterday, managed to drag Nifty only as far as 17860vicinity. The full extent of the bearish move could be revealed today. While we expect dips to 17700 to attract bargain buying, inability to clear 17860 on the bounce could signal extended downsides, with the first objective at 17460.
Derivative:
Nifty weekly contract has highest open interest at 17900 for Calls and 17850 for Puts while monthly contracts have highest open interest at 17900 for Calls and 17900 for Puts. Highest new OI addition was seen at 18000 for Calls and 17500 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 -14.50%, increased future index shorts by 5.69% and in index options by -26.69% in Call longs, -23.35% in Call short, -24.43% in Put longs and -35.65% in Put shorts.
USD-INR outlook:
The successful close above 79.60-79.70 region hints at the beginning of directional moves,or at least expansion in trading ranges. This paves way for 80.10-80.30 in the near term, as long as 79.60 holds.
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