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Views On Morning Nifty, Derivative and Rupee comments 10 March 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook:  

Our stance yesterday was to expect 17480/50 and the turn lower evolved even before 17842 was tested,highlighting the underlying weakness. With a good deal of this move unfolding yesterday, the play today is to hunt for reversal chances. Ability to float above 17530 would be an early sign towards the same, but consistent trades below 17450 could call for 17280-17000.

Derivative:

Nifty weekly contract has highest open interest at 17600 for Calls and 17600 for Puts while monthly contracts have highest open interest at 18000 for Calls and 17000 for Puts. Highest new OI addition was seen at 17650 for Calls and 17550 for Puts in weekly and at 17700 for Calls and 17700 for Puts in monthly contracts. FIIs increased their future index long position holdings by -8.70%, increased future index shorts by 17.84% and in index options by -37.12% in Call longs, -32.32% in Call short, -30.58% in Put longs and -55.37% in Put shorts.

USD-INR outlook:

Having stretched to the vicinity of the lower band of the 81.75-82.27 region, a pull back towards the upper band is expected today, consistent with our sideways view. But, a closeabove 82.04 could fuel upsides aiming 82.4 or even 83 again.  

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