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Views On Morning Nifty, Derivative and Rupee comments 17 April 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook:  

Until 17708 holds, we will continue to retain an upside view of the day, aiming for 17976. While we remain optimistic about the 18300 objective as well, the favoured view expects a consolidation after achieving 17976. Meanwhile,prepare for volatility if unable to clear 17976, or if slippages extend beyond 17708. But, there is nothing yetto suggest an outright reversal, and upside trajectory may be expected to be reclaimed in due course, as long as 17500 holds during consolidation.  

Derivative:

Nifty weekly contract has highest open interest at 17850 for Calls and 17800 for Puts while monthly contracts have highest open interest at 18000 for Calls and 17000 for Puts. Highest new OI addition was seen at 17850 for Calls and 17800 for Puts in weekly and at 17800 for Calls and 17800 for Puts in monthly contracts. FIIs increased their future index long position holdings by 10.65%, increased future index shorts by -9.20% and in index options by -16.62% in Call longs, -20.87% in Call short, -32.63% in Put longs and -41.29% in Put shorts.

USD-INR outlook:

Our long standing objective of 81.6 having been achieved, a pull back is due, but will wait for a breach of 81.87 for confirmation towards the same, to clear the path for 82.07 first and then 82.4. Alternatively, inability to float above 81.76 could render the trend sideways, with 81.6 continuing to act as a near term support.   

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