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

Nifty outlook

We are within touching distance of the 17600 mark that has been on discussion for that last fortnight. While the morning star pattern formed by hourly candles towards yesterday’s close, gives hopes of a bounce back aiming 17950 and beyond, inability to float above 17680 could cause some turbulence and thwart the potential for an outright rise. However, if the subsequent turbulence does not force Nifty below 17580, upside prospects could brighten with time. Else, we may have to wait till at least 16900 before risk appetite improves.

Derivative comments

Nifty weekly contract has highest open interest at 19000 for Calls and 18000 for Puts while monthly contracts have highest open interest at 19000 for Calls and 18000 for Puts. Highest new OI addition was seen at 18000 for Calls and 18000 for Puts in weekly and at 18000 for Calls and 18000 for Puts in monthly contracts. FIIs increased their future index long position holdings by -11.00%, increased future index shorts by 20.90% and in index options by -22.99% in Call longs, -19.36% in Call short, -20.26% in Put longs and -32.05% in Put shorts.

USDINR outlook

The anticipated pull back did not find much traction yesterday, having almost achieved our projected target of 74.76 earlier this week. However, as maintained yesterday, expect renewed buying if such dips extend as far as 74.2.

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