IGI Logo

Views On Morning Nifty, Derivative and Rupee Comments as of 01 March 2023 by Anand James - Chief Market Strategist, Geojit Financial Services

Nifty outlook:  

We will go in today continuing to expect upsides, but as maintained yesterday, the 17440 barrier will have to be overcome, before expanding the upside perspective to 17520/560 and then 17620. Alternatively, yet another phase of rejection trades near 17440 or an outright fall past 17255 will call for 17050-16800 right away.

Derivative:

Nifty weekly contract has highest open interest at 17400 for Calls and 17000 for Puts while monthly contracts have highest open interest at 18000 for Calls and 17000 for Puts. Highest new OI addition was seen at 17400 for Calls and 17300 for Puts in weekly and at 17800 for Calls and 17300 for Puts in monthly contracts. FIIs increased their future index long position holdings by -7.88%, increased future index shorts by 8.87% and in index options by 9.67% in Call longs, 0.18% in Call short, 12.68% in Put longs and -3.66% in Put shorts.  

USD-INR outlook:

Continued inability to make much headway signals weakness that could extend to82.55-82.30. We will look for a couple of hours of trade above 82.73 inorder to switch andaim for 83.10.  

Above views are of the author and not of the website kindly read disclaimer