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

Nifty outlook: 

With the bounce off 16860 fizzling off in the face of rejection trades, the next leg of the downsides aiming 16650/600-16300 is in motion. Reversal plays are expected to take shape on achievement of 16300, but we will be equally prepared for upsides, should Nifty Manage to float above 16770 today after early slippages.  

Derivative:

Nifty weekly contract has highest open interest at 17000 for Calls and 15000 for Puts while monthly contracts have highest open interest at 18000 for Calls and 16000 for Puts. Highest new OI addition was seen at 17000 for Calls and 15000 for Puts in weekly and at 17000 for Calls and 15500 for Puts in monthly contracts. FIIs increased their future index long position holdings by -64.58%, increased future index shorts by -10.63% and in index options by -58.49% in Call longs, -47.05% in Call short, -53.91% in Put longs and -55.66% in Put shorts.  

USD-INR outlook:

Inability to float 81.6 points towards a potential drop extending as far as 80.95. Expectsideways moves, should USD-INR manage a pull back above 81.6.

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