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Views On Morning Nifty, Derivative and Rupee comments 25 August 2022 by Anand James - Chief Market Strategist at Geojit Financial Services.

Nifty outlook: 
A revisit of 17966 is on the cards with 17730 and 17800 poised to ask questions. Alternatively, inability to float above 17690 would diminish upside hopes, but we prefer to keep the downside marker at 17550

Derivative:
Nifty weekly contract has highest open interest at 17700 for Calls and 17000 for Puts while monthly contracts have highest open interest at 17700 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 -15.38%, increased future index shorts by 1.31% and in index options by 3.35% in Call longs, 8.03% in Call short, -4.51% in Put longs and 16.08% in Put shorts.

USD INR outlook:
Expect swings on either side of 79.77 initially, but dips to 79.60 may prompt an upswing aiming to breach the 80 mark. Alternatively if 79.6 fails to hold we would look for a close below 79.45 to signal an outright reversal in trend.

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