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Views On Morning Nifty, Derivative and Rupee Comments as of 10 February 2023 by Anand James - Chief Market Strategist, Geojit Financial Services

Nifty outlook:

We had ruled out an outright turn lower yesterday, and instead pinned hopes on 17795, while also pushing the upside target region to the 17940-18020 band. With a test of 17920, the upswing that we have been riding ever since bouncing off from the 200DMA appears to be done. As yesterday, collapse theories will be kept at bay until below 17580, while a close above 17920 could pave way for 18300.  

Derivative:

Nifty weekly contract has highest open interest at 17900 for Calls and 17800 for Puts while monthly contracts have highest open interest at 18000 for Calls and 17500 for Puts. Highest new OI addition was seen at 17900 for Calls and 17850 for Puts in weekly and at 17700 for Calls and 17700 for Puts in monthly contracts. FIIs increased their future index long position holdings by -0.21%, increased future index shorts by -1.34% and in index options by -31.06% in Call longs, -32.62% in Call short, -42.78% in Put longs and -52.29% in Put shorts.  

USD-INR outlook:

Unless much above 82.74, expect selling pressure, but as yesterday, expect bargain huntingto resurface on dips, ideally to 82.55-40 band. Close above 83 will be a bull call.  

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