Morning Nifty, Derivative and Rupee comments 19 April 2023 By Anand James, Geojit Financial Services
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Views On Morning Nifty, Derivative and Rupee comments 19 April 2023 by Anand James - Chief Market Strategist at Geojit Financial Services
Nifty outlook:
While the 17740 region discouraged buyers from unanticipated lines, the dips thereof did not stretch deep enough to see 17500. Towards this end, both our entryset ups failed to be triggered, resigning the trend intonarrow trading range. This is the challenge we will continue to face, as one may struggle to make a play inside the 17500-17740 band. Within this set up, we are inclined to pick up initial dips early today, with an eye on a break of 17740, but without expecting such a move to stretch beyond 17830.
Derivative:
Nifty weekly contract has highest open interest at 17700 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 17700 for Calls and 17400 for Puts in weekly and at 17900 for Calls and 17700 for Puts in monthly contracts. FIIs increased their future index long position holdings by 0.67%, increased future index shorts by -0.12% and in index options by -7.12% in Call longs, -3.11% in Call short, -3.84% in Put longs and -4.57% in Put shorts.
USD-INR outlook:
The first upside objective of 82.07 was met on anticipated lines, but momentum is seen missing. Hence the next leg aiming 82.4 may have to wait, but 82.96 and 81.76 will continue to support, keeping upside hopes alive. Look to buy on dips.
Above views are of the author and not of the website kindly read disclaimer
