Morning Nifty, Derivative and Rupee comments 22 February 2022 by Anand James ,Geojit Financial Services
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Below are Views On Morning Nifty, Derivative and Rupee comments 22 February 2022 by Anand James - Chief Market Strategist at Geojit Financial Services
NIFTY OUTLOOK
After testing both the extremities of the 17070 - 17340 range lined up for yesterday, Nifty would now be hunting for a new trading range. But a directional move still looks elusive. Favoured view continue to nurture upswing possibilities, especially should early dips not breach 16900 vicinity, which would be the marker for directional downsides aiming 16200. We will look for a 3 hours’ close above 17250 before confirming upside possibilities.
USDINR OUTLOOK
A dead cat bounce to 74.7 evolved on anticipated lines, before visiting the lower range extremity of 74.3 as suggested yesterday. A pull back is the favoured view today, and a break beyond 74.7 would confirm this view setting up room for 74.9 and beyond.
DERIVATIVE COMMENTS
Nifty weekly contract has highest open interest at 18000 for Calls and 16100 for Puts while monthly contracts have highest open interest at 18000 for Calls and 16100 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 -2.36%, increased future index shorts by -0.18% and in index options by 0.91% in Call longs, 8.42% in Call short, 0.66% in Put longs and 11.77% in Put shorts
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