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Views On Morning Nifty, Derivative and Rupee comments 17 August 2022 by Anand James - Chief Market Strategist at Geojit Financial Services.

Nifty outlook:

Though Nifty paused yesterday at 17835, we are not convinced that Nifty has topped out. This encourages us to continue riding the 18200 view, but with VIX slipping, trading ranges are indeed shrinking. Downside markers may continue to remain near 17660/690, with 17900vicinity likely to pose an intraday challenge.

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.

Derivative:

Nifty weekly contract has highest open interest at 17800 for Calls and 17800 for Puts while monthly contracts have highest open interest at 18500 for Calls and 17800 for Puts. Highest new OI addition was seen at 17800 for Calls and 17700 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 4.11%, increased future index shorts by 1.93% and in index options by 6.71% in Call longs, 12.21% in Call short, 15.18% in Put longs and 13.85% 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, followed by attempts to rise. If such moves manage to settle inside 79.3- 79.52, expect continued consolidation, else the slide could continue towards 78.9-78.75.

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