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Views On Morning Nifty, Derivative and Rupee comments 24 August 2022 by Anand James - Chief Market Strategist at Geojit Financial Services.

Nifty outlook:

Close below 17578 yesterday stopped a piercing bull candle being fully formed. As such this is a rejection trade, but since we have already visited the 17300ssuggested as the first objective for downsides, we enter the day on a neutral stance. Push above 17578, will encourage us to buy again, while slippage past 17509 will ring in caution.

Derivative:

Nifty weekly contract has highest open interest at 17900 for Calls and 16800 for Puts while monthly contracts have highest open interest at 17900 for Calls and 16800 for Puts. Highest new OI addition was seen at 18000 for Calls and 17500 for Puts in weekly and at 18000 for Calls and 17500 for Puts in monthly contracts. FIIs increased their future index long position holdings by -0.29%, increased future index shorts by 1.30% and index options by 10.12% in Call longs, 13.30% in Call short, 4.48% in Put longs and 7.18% in Put shorts

USD INR outlook: