Morning Nifty, Derivative and Rupee Comments as of 15 February 2023 by Anand James, Geojit Financial Services
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Views On Morning Nifty, Derivative and Rupee Comments as of 15 February 2023 by Anand James - Chief Market Strategist, Geojit Financial Services
Nifty outlook:
Nifty remained upwardly mobile through the day, and a breach of 17855 was only a formality, though the upswings never appeared to threaten the budget high of 17971. So, with this level intact, we start the day again with the prospects of volatility, and with 18200-300 objective continuing to appear far in the horizon. We had gone in yesterday, agreeing to play brief sprints higher,but may have to be content with a fluctuating day today,with upswings requiring to be played on dips, or on push above 17890.
Derivative:
Nifty weekly contract has highest open interest at 18200 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 18200 for Calls and 17900 for Puts in weekly and at 18800 for Calls and 17900 for Puts in monthly contracts. FIIs increased their future index long position holdings by 24.05%, increased future index shorts by -25.41% and in index options by -16.57% in Call longs, -8.40% in Call short, -26.46% in Put longs and 20.41% in Put shorts.
USD-INR outlook:
The 83 move that we have been discussing in the last few days is in play. But an outrightbreach and run above 83 is less expected today. Meanwhile, inability to float above 82.87should lead to sideways trades with downside bias, but again, support remains at 82.50.
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