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Views On Morning Nifty, Derivative and Rupee Comments as of 28 February 2023 by Anand James - Chief Market Strategist, Geojit Financial Services

Nifty outlook:  

Positive divergences in oscillators that have been bystanders during last week’s bearish onslaught have begun to surface, helping upside moves. Since bears continue to be dominant, we will go in today seeking a break of 17440 before expanding the upside perspective to 17520/560 and then 17620. We may however be forced to revert to the 17050 view, if Nifty finds it difficult to float above 17393, though a vertical fall is less expected today.

Derivative:

Nifty weekly contract has highest open interest at 18500 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 17400 for Calls and 17400 for Puts in weekly and at 17400 for Calls and 17400 for Puts in monthly contracts. FIIs increased their future index long position holdings by 2.49%, increased future index shorts by 6.68% and in index options by 18.24% in Call longs, 14.50% in Call short, 5.51% in Put longs and 27.95% in Put shorts.  

USD-INR outlook:

We will continue looking for consistent trades above 82.83 inorder to play the 83.10 move,but with upside momentum missing, it would be good to look for a close above the same for confirmation. Meanwhile, a slippage past 82.73 will signal weakness, though a collapse beyond 82.3 is not expected. Indecision is high, but directional tendencies appear to be missing.  

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