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Views On Morning Nifty, Derivative and Rupee comments 19 August 2022 by Anand James - Chief Market Strategist at Geojit Financial Services.

Nifty outlook: 

Favoured view continues to expect Nifty heading into the 18100-18200 region before any major attempt to reverse. Towards this end, we had pinned hopes on 17835/45 region holding intraday volatility, and with Nifty reversing from 17852 after a couple of downside attempts, the day is likely to open with a positive bias. However, we would prefer to push the downside marker higher to the 17900 vicinity, once Nifty pushes towards18070

Derivative:

Nifty weekly contract has highest open interest at 19000 for Calls and 17000 for Puts while monthly contracts have highest open interest at 19000 for Calls and 17000 for Puts. Highest new OI addition was seen at 18000 for Calls and 17000 for Puts in weekly and at 18000 for Calls and 17000 for Puts in monthly contracts. FIIs increased their future index long position holdings by -7.96%, increased future index shorts by 12.80% and in index options by -29.64% in Call longs, -22.52% in Call short, -35.72% in Put longs and -29.71% in Put shorts.

USD INR outlook:

Being at the upper extremity of the range we have been discussing since the start of this week, USD-INR is poised for a major up move with initial eyes on 80-80.3. This view would however be invalidated, if 79.8 holds firm, 79.52 gives away, in case of pull back.

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