IGI Logo

Views On Morning Nifty, Derivative and Rupee comments 2 March 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook:  

The much awaited breach of 17440 unfolded yesterday, without much of a follow through. This is a clear acknowledgement of the multiple resistances that lie ahead, namely 17520/560 and then 17620, which we had previously marked down as potential upside targets if momentum permits. This setup faces its stiff challenge today. Upside trajectory is not fully done yet, but we expect dips today, which need to be held above 17428-17375, so as not to slip back into bear territory. An outright fall past 17255 will call for 17050-16800 right away, but this is less expected today 

Derivative:

Nifty weekly contract has highest open interest at 17500 for Calls and 17400 for Puts while monthly contracts have highest open interest at 18000 for Calls and 17000 for Puts. Highest new OI addition was seen at 17650 for Calls and 17400 for Puts in weekly and at 17500 for Calls and 17500 for Puts in monthly contracts. FIIs increased their future index long position holdings by 24.68%, increased future index shorts by 0.57% and in index options by -2.17% in Call longs, 10.37% in Call short, -7.67% in Put longs and 22.60% in Put shorts.

USD-INR outlook:

Slippages to recent lows on consecutive days allow for a pull back, which may not get directional as long as 82.69 is breached. Until then, expect sideways moves. Downsides will gain momentum, if 82.30 gives away.  

Above views are of the author and not of the website kindly read disclaimer