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Views On Morning Nifty, Derivative and Rupee Comments as of 24 February 2023 by Anand James - Chief Market Strategist, Geojit Financial Services

Nifty outlook:  

Downside momentum did ease off in the first hour itself, but the bounce thereof lost steam just short testing the 17660 mark, the barrier that we wanted to see past before considering longs. And despite a negative close yesterday, opening low remained undisturbed, retaining hopes of a bounce back. Upside marker will be placed at 17600, above which a 17850 move may be played. Such hopes will quickly evaporate if it proves too difficult to float above 17600. Alternatively, direct fall below 17456 would call for 17050 right away with more in store.

Derivative:

Downside momentum did ease off in the first hour itself, but the bounce thereof lost steam just short testing the 17660 mark, the barrier that we wanted to see past before considering longs. And despite a negative close yesterday, opening low remained undisturbed, retaining hopes of a bounce back. Upside marker will be placed at 17600, above which a 17850 move may be played. Such hopes will quickly evaporate if it proves too difficult to float above 17600. Alternatively, direct fall below 17456 would call for 17050 right away with more in store.

USD-INR outlook:

That downside prospects have not matured as yet was visible as moves were lacklustre, and we were looking for a slippage past 82.73 to consider down moves. The recent low of 82.31is likely to prevent a collapse, while a pullback above 82.73 will render the trend sideways again.   

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