Morning Nifty, Derivative and Rupee comments 22 July 2022 by Anand James, Geojit Financial Services
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Views On Morning Nifty, Derivative and Rupee comments 22 July 2022 by Anand James - Chief Market Strategist at Geojit Financial Services
NIFTY OUTLOOK:
With opening dips reversing exactly from 16485, our turnaround point for yesterday, bears never got any chance for the rest of the day, keeping the trend firmly enroute 16800, the near term target set on Monday. This may get extended to 17000 or beyond in the coming days, but favoured view for the day expects bulls to be challenged on approach to 16690-710 region. While major falls are not expected unless 16485 gives away, the prospects of the same in the next week may rise, should Nifty find unable to push beyond the 16690-710 region.
DERIVATIVE INSIGHTS:
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:
With the lower extremity of our 79.85-80.15 band coming under attack yesterday, the bias has tilted to downsides, as long as 79.95 holds on closing basis. However, expect intraday spikes to 80.05, if USDINR is able to float above 79.86 early in the day.
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