Morning Nifty, Derivative and Rupee comments 19 October 2022 By Anand James, Geojit Financial Services
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Views On Morning Nifty, Derivative and Rupee comments 19 October 2022 by Anand James - Chief Market Strategist at Geojit Financial Services.
Nifty outlook:
A sluggishness has crept in even before achieving our first objective of 17580 in the newly chartered upside trajectory. We remain positive on expecting more upsides, but would like to push the downside marker higher from yesterday’s 17240/180. Ideal points for the same could be 17360/312, with dips to 17430/395 potentially acting as a fresh entry point for longs.
Derivative:
Nifty weekly contract has highest open interest at 17500 for Calls and 17000 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 17400 for Puts in weekly and at 17500 for Calls and 17500 for Puts in monthly contracts. FIIs increased their future index long position holdings by 12.03%, increased future index shorts by -17.82% and in index options by 4.48% in Call longs, -6.54% in Call short, 0.74% in Put longs and -4.95% in Put shorts.
USD-INR outlook:
With both the initial objectives of 82.2 and 82 having achieved yesterday, USDINR pulled back to the 82.4 vicinity, reverting to the neutral bias that had prevailed all through last week. Momentum favours upsides though, with prospects of spikes to 82.50 or 82.63, onceabove 82.43.
Above views are of the author and not of the website kindly read disclaimer
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