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Views On Morning Nifty, Derivative and Rupee comments 21 April 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook:  

Slippages stopped at the 200DMA yesterday, suggesting that bargain hunting is prepared to surface at the earliest available pivot of significance, retaining the upside hopes. A vertical rise is less anticipated though, and 17700 could see buyers becoming reluctant again. Expect another period of consolidation without breaching 17500 to encourage bulls to regroup. For the day, we would also look for a direct rise above 17740 or a turn from 17500 to play a 17870-976 move.  

Derivative:

Nifty weekly contract has highest open interest at 18000 for Calls and 17700 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 17700 for Puts in weekly and at 17700 for Calls and 17700 for Puts in monthly contracts. FIIs increased their future index long position holdings by -6.49%, increased future index shorts by 4.94% and in index options by 47.94% in Call longs, 25.04% in Call short, 76.66% in Put longs and 43.29% in Put shorts. 

USD-INR outlook:

As long as dips do not extend past 81.80, expect upswings. It would however require consistent trades above 81.97 to confirm upside intention and set trajectory towards 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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