Morning Nifty, Derivative and Rupee comments 11 April 2023 By Anand James, Geojit Financial Services
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Views On Morning Nifty, Derivative and Rupee comments 11 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, afterbreaching 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 18000 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 17700 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 9.58%, increased future index shorts by -13.37% and in index options by 65.91% in Call longs, 29.08% in Call short, 88.84% in Put longs and 74.34% in Put shorts.
USD-INR outlook:
While a push above our turnaround point of 81.93 failed to make much headway, the inclination to pursue some more upsides is clear. However, we may not chase prices higher, unless above 82.2, and until which, the possibility of a turn lower will persist, keeping the 81.6 move in play. Meanwhile, push above 82.2 may be successful in unfolding a short spurt to 82.37 or 82.46, but not unfold sustainable short covering.
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