IGI Logo

Views On Morning Nifty, Derivative and Rupee Comments as of 17 February 2023 by Anand James - Chief Market Strategist, Geojit Financial Services

Nifty outlook:

Nifty appears well set to achieve the 18200-300 objective that we had outlined for this week. The play is to manoeuvre previous congestion points. The first obstacle will be 18050-18110 region, but an outright turn higher is less expected. The downside marker may be pushed to 17971 or 17850.

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 18100 for Calls and 18000 for Puts in weekly and at 18300 for Calls and 17900 for Puts in monthly contracts. FIIs increased their future index long position holdings by -2.55%, increased future index shorts by 1.66% and in index options by 3.62% in Call longs, 8.49% in Call short, 5.81% in Put longs and 8.92% in Put shorts.

USD-INR outlook:

The doubts that we had expressed on an outright and run above 83 was confirmed yesterday. Though a collapse did not unfold yesterday, it might today, if USDINR finds it difficult to float above 82.87, but downsides may be limited to 82.50.

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