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Views On Morning Nifty, Derivative and Rupee comments 18 August 2022 by Anand James - Chief Market Strategist at Geojit Financial Services.

Nifty outlook:

As we re approach the psychological mark of 18k, the evolution of VIX would be crucial. Favoured view continues to expect Nifty to head into the 18100-18200before any major attempt to reverse. Downside markers may be pushed higher towards 17835/45 for intraday trades, but just as we maintained yesterday, there are not enough signs of topping out, for which reason, we will continue to maintain the 17660 region as the main reversal point.

Derivative:

Nifty weekly contract has highest open interest at 18100 for Calls and 17900 for Puts while monthly contracts have highest open interest at 18100 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 17500 for Puts in monthly contracts. FIIs increased their future index long position holdings by 8.52%, increased future index shorts by 12.31% and in index options by 14.51% in Call longs, 17.81% in Call short, 14.63% in Put longs and 8.68% in Put shorts.

USD INR Outlook:

As long as within the 79.3-79.52 region, expect consolidation, else the slide initiated on Friday could continue towards 78.9-78.75.

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