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

Nifty outlook:

The 16800 objective that we had set out with, at the start of last week, stands almost achieved with Friday’s last hour surge. This prompts us to look for a corrective move to 16400, with an extreme scenario pitting 16170as an objective. However, should 16600/560 band cushion early dips, the ongoing uptrend could extend beyond 17000.

Derivative comments: 

Nifty weekly contract has highest open interest at 17200 for Calls and 16500 for Puts while monthly contracts have highest open interest at 17200 for Calls and 16700 for Puts. Highest new OI addition was seen at 17000 for Calls and 16000 for Puts in weekly and at 17000 for Calls and 16500 for Puts in monthly contracts. FIIs increased their future index long position holdings by 9.19%, increased future index shorts by -11.25% and in index options by 33.23% in Call longs, 23.82% in Call short, 40.48% in Put longs and 42.23% in Put shorts.

USD INR: 

The lower extremity of our 79.85-80.15 band came under attack yet again on Friday, confirming our leaning towards downside bias, which now aims for 79.6. Pull back above 79.95 would however, dilute such bias allowing intraday spikes to 80.05.

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