Morning Nifty, Derivative and Rupee comments 02 March 2022 by Anand James ,Geojit Financial Services
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Below are Views On Morning Nifty, Derivative and Rupee comments 02 March 2022 by Anand James - Chief Market Strategist at Geojit Financial Services
OUTLOOK - USDINR
The buying interest on dips suggests that we are in for a sharp bounce ideally aiming 76.3 and beyond. Inability to float above 75.5 could dilute the upside momentum.
Derivative Insights
Nifty weekly contract has highest open interest at 17500 for Calls and 14750 for Puts while monthly contracts have highest open interest at 18000 for Calls and 16700 for Puts. Highest new OI addition was seen at 17500 for Calls and 16000 for Puts in weekly and at 18000 for Calls and 16500 for Puts in monthly contracts. FIIs increased their future index long position holdings by 2.01%, increased future index shorts by 17.84% and in index options by 19.52% in Call longs, 11.13% in Call short, 19.11% in Put longs and 9.32% in Put shorts.
Nifty Outlook
Both 16420 and 16720, the range extremities lined up for Monday were broken, albeit briefly. A pull back again towards 16580, on either side of which we anticipated Nifty to swing on Monday as well, will confirm our consolidation bias. However, we feel, upside attempts could eventually win, allowing a free run to 17500, but not before 17000-17200-17350 poses significant challenges. Bearish bets will get the first look once inside the 17000-200 region, or on a break down below 16340.
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