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Views On Morning Nifty and Derivative comments 18 May 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook:  

Expect dips to 18167 if initial upsides fail to help Niftyfloat above 18230. Alternatively, if upswings take off without dips, expect challenge from 18290 region, but if the turn lower thereof does not stretch beyond 18230,expect 18660 shortly.

Derivative:

Nifty weekly contract has highest open interest at 18400 for Calls and 18000 for Puts while monthly contracts have highest open interest at 18500 for Calls and 18000 for Puts. Highest new OI addition was seen at 18200 for Calls and 18000 for Puts in weekly and at 18200 for Calls and 17800 for Puts in monthly contracts. FIIs increased their future index long position holdings by 302.13%, increased future index shorts by 283.21% and in index options by - 86.76% in Call longs, -87.52% in Call short, -89.25% in Put longs and -91.44% in Put shorts.   

USD-INR outlook:

Slowly, but surely, USDINR is pushing out of the congestion region, and with it has raised the prospects of a symmetrical triangle breakout in the daily chart. While that pattern matures, ongoing upside momentum aims for 82.5-82.65. Alternatively, slippage past 82.29 will dilute upside prospects, though major falls are less expected as long as 82.09 holds.  

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