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Views On Morning Nifty, Derivative and Rupee Comments as of 14 February 2023 by Anand James - Chief Market Strategist, Geojit Financial Services

Nifty outlook:

Brace for yet another tight trading range as discussed yesterday as well, but be warned that a breakout move is round the corner. While the close below our downside marker of 17795 yesterday has reduced prospects of a 18300 move we may play short sprints higher, on a break beyond 17855. Meanwhile, we expect Nifty to gravitate towards the congestion support of 17650 before directional moves are set off. Parallel trendline supports are seen near 16800, but the prospects of plunge of such proportion, right away, is less probable as is, unless we see rejection trades near 18200-300 first.

Derivative:

Nifty weekly contract has highest open interest at 18000 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 17800 for Calls and 17800 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 0.71%, increased future index shorts by -0.43% and in index options by 35.00% in Call longs, 14.33% in Call short, 35.17% in Put longs and 7.52% in Put shorts.  

USD-INR outlook:

Upswings were visible yesterday, but lacked the momentum for large strides. However,dips continued to attract bargain buying as maintained yesterday too. We will continue toexpect 82.50 offer such support for upswings, which ideally aims for 83 and beyond.Alternatively, slippage past 82.34 could negate such hopes, though an outright collapse isless expected.  

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