IGI Logo

Views On Morning Nifty, Derivative and Rupee comments 29 July 2022 by Anand James - Chief Market Strategist at Geojit Financial Services 

Nifty outlook:

The 17500 objective discussed yesterday, appears to be in quick progression. Bullish exhaustion may set in on the first test of 17245,but a trend reversal is unlikely as long as the 16800/750 region holds. That being the broad levels, opening burst is likely to have continuity as long as 17080-16960 region holds downsides

Derivatives:

Nifty weekly contract has highest open interest at 18000 for Calls and 16000 for Puts while monthly contracts have highest open interest at 16950 for Calls and 16900 for Puts. Highest new OI addition was seen at 17000 for Calls and 16000 for Puts in weekly and at 16950 for Calls and 16900 for Puts in monthly contracts. FIIs increased their future index long position holdings by -7.29%, increased future index shorts by -42.96% and in index options by -48.00% in Call longs, -56.05% in Call short, -57.32% in Put longs and -53.25% in Put shorts.

USD INR: 

The rejection trade discussed yesterday is in progress, eying 79.45/40 or even much beyond. Alternatively, consolidation near 79.65 is a distant possibility, which could delay the onset of the down move

Above views are of the author and not of the website kindly read disclaimer