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

USD INR OUTLOOK

As anticipated on Friday, dips to 74.2 found buying interest. Favoured view does not expect a vertical rise though until the 74.40-50 band is cleared.

NIFTY

Nifty faces another leg down aiming 17150 today. However if initial turbulence eases off without penetrating 17375, expect a pull back to 17680-800 in the next few sessions.

DERIVATIVE COMMENTS

Comments: Nifty weekly contract has highest open interest at 17600 for Calls and 17000 for Puts while monthly contracts have highest open interest at 17600 for Calls and 17000 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 -2.93%, increased future index shorts by 6.28% and index options by 12.70% in Call longs, 11.34% in Call short, 14.15% in Put longs and 23.84% in Put shorts.

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