Morning Nifty, Derivative and Rupee Comments as of 13 February 2023 by Anand James, Geojit Financial Services
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Views On Morning Nifty, Derivative and Rupee Comments as of 13 February 2023 by Anand James - Chief Market Strategist, Geojit Financial Services
Nifty outlook:
The rejection trades that unfolded on Thursday and Friday after peeping close to the budget high, prompts us to open the week on a cautious note. We were looking fora push beyond the same, in order to extend the ongoing uptrend’s target to 18300, but will now instead weigh the performance near 17795 before playing the same.However, downside moves may not gain momentum unless below 17580 and towards this end, a small trading range welcomes traders on the first day of the week.
Derivative:
Nifty weekly contract has highest open interest at 0 for Calls and 0 for Puts while monthly contracts have highest open interest at 18000 for Calls and 17500 for Puts. Highest new OI addition was seen at 0 for Calls and 0 for Puts in weekly and at 17900 for Calls and 17300 for Puts in monthly contracts. FIIs increased their future index long position holdings by - 1.99%, increased future index shorts by 7.94% and in index options by 15.48% in Call longs, 27.60% in Call short, 39.63% in Put longs and 49.10% in Put shorts.
USD-INR outlook:
Ability to float above 82.50 will be key to upswings maturing, which ideally aims for 83 andbeyond. Alternatively, slippage past 82.34 could negate such hopes, though an outrightcollapse is less expected.
Above views are of the author and not of the website kindly read disclaimer
