IGI Logo

Nifty outlook: 

Friday’s push higher fizzled off shortly after entering the 17260-430 band, having stretched beyond 2sd from the 14d SMA. There's still room for a recovery and push beyond 17430, should 17070/50 region be defended. In the event of inability to do so, we would look for a break below 16850 and pull back in VIX above 20 before downsides are played. Else, expect range trading again.  

Derivative:

Nifty weekly contract has highest open interest at 18000 for Calls and 16500 for Puts while monthly contracts have highest open interest at 18000 for Calls and 17000 for Puts. Highest new OI addition was seen at 17500 for Calls and 17200 for Puts in weekly and at 17300 for Calls and 17300 for Puts in monthly contracts. FIIs increased their future index long position holdings by 13.51%, increased future index shorts by -12.51% and in index options by 11.33% in Call longs, 1.45% in Call short, 7.12% in Put longs and 4.75% in Put shorts.  

USD-INR outlook:

The 82.4 region continues to be sticky, and a range breakout is yet to unfold. Expect initial dips to 82.3 to attract buying, with upsides limited to 82.55.  

Above views are of the author and not of the website kindly read disclaimer