Morning Nifty, Derivative and Rupee comments 10 April 2023 By Anand James, Geojit Financial Services
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Views On Morning Nifty, Derivative and Rupee comments 10 April 2023 by Anand James - Chief Market Strategist at Geojit Financial Services
Nifty outlook:
A close above 50 and 200 DMAs underscores the will to persist with the 17800 objective that we had lined up last week. But yet, the lacklustre moves on Thursday, after breaching 17600, points to a struggle, with oscillators entering overbought territory in several periodicities. Ideally, consolidation thereof should take support near 17530/470 before resuming uptrend. Slippage past the same would however let bears dominate, but favoured view does not expect pull back beyond 17220.
Derivative:
Nifty weekly contract has highest open interest at 17600 for Calls and 17500 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 17600 for Puts in weekly and at 17600 for Calls and 17600 for Puts in monthly contracts. FIIs increased their future index long position holdings by 7.51%, increased future index shorts by -0.68% and in index options by -48.10% in Call longs, -40.29% in Call short, -51.40% in Put longs and -63.79% in Put shorts.
USD-INR outlook:
Inability to make much headway beyond our turnaround point of 82.03 on Thursday, has let the downsides gain upper hand, keeping the 81.6 objec?ve in play. Alterna?vely, push above 81.93 would encourage upside moves.
Above views are of the author and not of the website kindly read disclaimer
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