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Views On Morning Nifty, Derivative and Rupee Comments as of 27 February 2023 by Anand James - Chief Market Strategist, Geojit Financial Services

Nifty outlook:  

The key level that will be in focus early on will be 17353, the budget day’s low, also signified by the close proximity of 200DMA at 17368. The closest barrier on the higher side will be 17620, the reaction high of last week. The major level that we will be eying before Nifty slips into a multi month downtrend would be 17050, while aweekly close above 17740 will signal trend reversal. Ability to float above 17520 early on, will be key to maintaining upside hopes.

Derivative:

Nifty weekly contract has highest open interest at 17600 for Calls and 17000 for Puts while monthly contracts have highest open interest at 18000 for Calls and 17000 for Puts. Highest new OI addition was seen at 17600 for Calls and 17000 for Puts in weekly and at 17600 for Calls and 17500 for Puts in monthly contracts. FIIs increased their future index long position holdings by -8.13%, increased future index shorts by 0.16% and in index options by 16.85% in Call longs, 10.34% in Call short, 25.97% in Put longs and 34.74% in Put shorts. 

USD-INR outlook:

Look for consistent trades above 82.83 inorder to continue playing the 83.10 move.However, a slippage past 82.73 will signal weakness, but a collapse beyond 82.3 is not expected.  

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