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Views On Morning Nifty, Derivative and Rupee comments 30 August 2022 by Anand James - Chief Market Strategist at Geojit Financial Services.

Nifty outlook: 

The downsides lost momentum on tests of the 17160 region triggering upside attempts on anticipated lines. This ideally aims for the 17800-520 region, but expect bears to resurface on approach to 17500-520. Downside marker may be placed at 17250, but it is the performance in the 17450-520 region that will set the mood today

Derivative

Nifty weekly contract has highest open interest at 17500 for Calls and 17300 for Puts while monthly contracts have highest open interest at 17300 for Calls and 17300 for Puts. Highest new OI addition was seen at 18000 for Calls and 17000 for Puts in weekly and at 18000 for Calls and 16000 for Puts in monthly contracts. FIIs increased their future index long position holdings by -5.14%, increased future index shorts by 19.66% and in index options by -1.92% in Call longs, 11.31% in Call short, 1.11% in Put longs and 25.62% in Put shorts.

USD INR outlook:

The breach of the 80 mark has not attracted enough momentum to trigger a directional move towards 80.3. Neither did the turn lead to long liquidation. As yesterday, we will maintain the downside marker at 79.86, with the expectations of a sideways move.

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