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Below are Views On Morning Nifty, Derivative and Rupee comments 1st February 2022 by Anand James - Chief Market Strategist at Geojit Financial Services 

Nifty Outlook

Yesterday’s Doji as well as 17390’s stiff resistance, signal caution, but not enough to suggest a deviation from the 17500-700 trajectory that Nifty has been on for the last few days. Bearish range extremity for the day is seen as 17090, with 17225 serving as the downside reversal NIFTY level.

USDINR outlook

We had begun yesterday, commenting on the chances of 74.40 again, With yesterday’s plunge towards 74.52, it has a high probability of achieving today. Resistance is now placed at 74.9

Derivative comments

Comments: Nifty weekly contract has highest open interest at 18500 for Calls and 17300 for Puts while monthly contracts have highest open interest at 17400 for Calls and 15500 for Puts. Highest new OI addition was seen at 18500 for Calls and 15100 for Puts in weekly and at 18000 for Calls and 16500 for Puts in monthly contracts. FIIs increased their future index long position holdings by 6.94%, increased future index shorts by -11.80% and in index options by 10.90% in Call longs, 4.15% in Call short, 18.90% in Put longs and 31.16% in Put shorts.

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