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Views On Morning Nifty, Derivative and Rupee Comments as of 21 February 2023 by Anand James - Chief Market Strategist, Geojit Financial Services

Nifty outlook:  

The 17868-940 region remained stubborn as anticipated yesterday, stalling the bounce back. With oscillators approaching oversold territory, our downside marker of 17750 that has held so far may be expected to attract bargain buying, but a vertical bounce back is less expected. In the event of a downside break, we may expect 17580 to offer a pause, with the technical construct not yet providing for a collapse to 17300 and beyond.

Derivative:

Nifty weekly contract has highest open interest at 18000 for Calls and 17500 for Puts while monthly contracts have highest open interest at 18000 for Calls and 17500 for Puts. Highest new OI addition was seen at 18150 for Calls and 17800 for Puts in weekly and at 18150 for Calls and 17800 for Puts in monthly contracts. FIIs increased their future index long position holdings by -0.91%, increased future index shorts by -8.62% and in index options by -16.67% in Call longs, -4.72% in Call short, -21.72% in Put longs and -0.44% in Put shorts.

USD-INR outlook:

Given the extended period of consolidation, directional moves may soon be expected to set off. As is, the bias continues to be upward, as long as 82.69 holds, but the upside targe tmay be extended to 83.10  

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