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Views On Morning Nifty, Derivative and Rupee comments 15 March 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook:  

The stalling of downsides in the closing hour after fully achieving the 17000 objective, gives hope towards the recovery push that we had lined up for yesterday. Yet, signs of an unilateral upside is not yet visible. We would look for a direct rise above 17240 in order to improve conviction. Alternatively, inability to float above 17185 after the early positivity, will signal continuation of falls into the 16930-16800 region.  

Derivative:

Nifty weekly contract has highest open interest at 17500 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 17200 for Calls and 16800 for Puts in weekly and at 17200 for Calls and 17200 for Puts in monthly contracts. FIIs increased their future index long position holdings by -13.01%, increased future index shorts by 7.78% and in index options by 13.85% in Call longs, 9.79% in Call short, 10.97% in Put longs and 1.39% in Put shorts.  

USD-INR outlook:

The swift move past our first objective of 82.4 has attracted long liquidation. This could lead to slippage that could extend as far as 82. It would require consistent trades above 82.36 to rekindle positivity again.  

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