Morning Nifty, Derivative and Rupee Comments as of 27 January 2023 by Anand James, Geojit Financial Services
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Views On Morning Nifty, Derivative and Rupee Comments as of 27 January 2023 by Anand James - Chief Market Strategist, Geojit Financial Services
Nifty outlook:
Long liquidation spree on Wednesday eased off without threatening 17800, retaining hopes of revival. Such hopes will be strengthened, if 18000 is reclaimed early in the day. This should put Nifty back into a neutral territory, with intermittent upswings, but expect distribution to reemerge, if we get back to the 18120 region right away. We will look for a rise above 18200 consolidation in the sun 17940 region to back upsides.
Derivative:
Nifty weekly contract has highest open interest at 17900 for Calls and 17850 for Puts while monthly contracts have highest open interest at 17900 for Calls and 17850 for Puts. Highest new OI addition was seen at 17900 for Calls and 17850 for Puts in weekly and at 17900 for Calls and 17850 for Puts in monthly contracts. FIIs increased their future index long position holdings by -56.04%, increased future index shorts by -1.57% and in index options by -37.50% in Call longs, -35.30% in Call short, -37.93% in Put longs and -55.90% in Put shorts.
USD-INR outlook:
Expect wild swings with intermittent upswings, but as maintained on Wednesday, we continue to see the 81.59-81.8 region as a distribution band, from where selling efforts will resume, but an outright collapse is not expected.
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