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Views On Morning Nifty, Derivative and Rupee comments 05 April 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook:  

Despite a brief pause near 17426, upside momentum was visible on Monday. But, as maintained earlier, we would wait for a close above 17530 before recharting course to 17800. If slippages do not pull back from 17330 and bring about a close above 17426, expect extended slippage to 17230, but it may not be until below 17100, before downside momentum increases. Until then, we would remain hopeful for more upsides. Alternatively, if slippages do not stretch much beyond 17400 initially,expect positivity to sustain through the day, aiming 17530.

Derivative:

Nifty weekly contract has highest open interest at 17700 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 17700 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 12.27%, increased future index shorts by 5.15% and in index options by 7.65% in Call longs, 5.89% in Call short, 4.83% in Put longs and -1.85% in Put shorts.  

USD-INR outlook:

Upsides extended beyond 82.37 on anticipated lines on Monday, but stalled short of meeting the objective of 82.56. Brace for weakness again on breach of 82.20, but we will wait for a breach of 82 to play the 81.6 plunge. Alternatively, expect sideways moves while inside 82.37-82.56.  

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