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Below are Views On Morning Nifty, Derivative and Rupee comments 23 February 2022 by Anand James - Chief Market Strategist at Geojit Financial Services 

Nifty outlook

Our favoured view yesterday was to look for upswings with eyes on16900, and had earmarked 17250 as the level to be conquered before upside possibilities could be nurtured with more assurance. We are not as much hopeful about sustained upsides, as we were about yesterday’s upswings, and see low probability of a breach of 17250/300 region by a big margin today. It would require a breach of17700 before volatility subsides and directional upsides gain strength. Collapse possibilities are low as well, with corrective moves expected to be held inside the 17150-17000 region.

USDINR outlook

The 74.9 move evolved yesterday, earlier than anticipated. The sharp pull back towards close hints at consolidation, but with downsides limited to 74.3.

Derivative comments

Nifty weekly contract has highest open interest at 17500 for Calls and 16000 for Puts while monthly contracts have highest open interest at 17500 for Calls and 16000 for Puts. Highest new OI addition was seen at 18000 for Calls and 17000 for Puts in weekly and at 18000 for Calls and 17000 for Puts in monthly contracts. FIIs increased their future index long position holdings by 1.26%, increased future index shorts by 22.08% and in index options by 9.45% in Call longs, 9.17% in Call short, 11.60% in Put longs and 5.96% in Put shorts.

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