Morning Nifty, Derivative and Rupee comments 6 October 2022 By Anand James, Geojit Financial Services
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Views On Morning Nifty, Derivative and Rupee comments 6 October 2022 by Anand James - Chief Market Strategist at Geojit Financial Services.
Nifty outlook:
The 17350-500 move that we set out with on Tuesday should be completed today. Standard deviation studies encourage us to look beyond and set 18115 as the nearterm target. A close in the 17500 vicinity could be considered a confirmation signal towards this end, while also helping MACDF with a centre line cross over for the first time in almost one and a half months. Alternatively, a close back below 17300 would dilute the upside prospects.
Derivative:
Nifty weekly contract has highest open interest at 17500 for Calls and 17000 for Puts while monthly contracts have highest open interest at 18000 for Calls and 16000 for Puts. Highest new OI addition was seen at 17550 for Calls and 17200 for Puts in weekly and at 17200 for Calls and 17200 for Puts in monthly contracts. FIIs increased their future index long position holdings by 23.82%, increased future index shorts by -20.00% and in index options by 10.11% in Call longs, 4.42% in Call short, -20.89% in Put longs and 26.22% in Put shorts.
USD-INR outlook:
USDINR has continued to close in the 81.6 vicinity, refusing to commit on the downside movetowards our target of 80.95 despite several attempts, all to close back higher again. We expect USDINR to embark on a proper down move shortly and a slippage below 81.5 could signal the same.
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