Morning Nifty, Derivative and Rupee comments 21 July 2022 by Anand James, Geojit Financial Services
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Views On Morning Nifty, Derivative and Rupee comments 21 July 2022 by Anand James - Chief Market Strategist at Geojit Financial Services
NIFTY OUTLOOK:
Yet another day for the bulls ended on a flat note, almost resembling an “abandoned baby” candlestick pattern. While this pattern normally signals reversal, it does not look fully formed, but does point to some bullish exhaustion. That all intraday dips were consistently bought, keeps the 16800-trajectory intact, but favoured view for the day expects bears to initiate efforts to dominate, and make a play for 16330, should 16485 give away early today.
DERIVATIVES OUTLOOK:
Nifty weekly contract has highest open interest at 16800 for Calls and 16500 for Puts while monthly contracts have highest open interest at 17300 for Calls and 16500 for Puts. Highest new OI addition was seen at 16600 for Calls and 16000 for Puts in weekly and at 17000 for Calls and 16000 for Puts in monthly contracts. FIIs increased their future index long position holdings by 17.89%, increased future index shorts by -23.28% and in index options by -4.15% in Call longs, -3.43% in Call short, 8.03% in Put longs and -1.52% in Put shorts.
OUTLOOK – USDINR:
As has been the stance all through the last two days, we will continue our vigil along this the 79.85-80.15 band before playing directional moves, with 79.95 continuing to be a crucial pivot.
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