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Views On Morning Nifty, Derivative and Rupee comments 25 April 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook:  

The range breakout as well as the achievement of 17740 is consistent with our upside view, which now requires 17700 to be defended for the day to remain positive. Upside objective may be extended from 17830 to 17976, but expect sideways bias again should we slip back below 17700 again. An outright collapse is less expected.  

Derivative:

Nifty weekly contract has highest open interest at 17700 for Calls and 17700 for Puts while monthly contracts have highest open interest at 17700 for Calls and 17700 for Puts. Highest new OI addition was seen at 18000 for Calls and 17700 for Puts in weekly and at 18000 for Calls and 17700 for Puts in monthly contracts. FIIs increased their future index long position holdings by 17.54%, increased future index shorts by -2.26% and in index options by 0.78% in Call longs, 14.02% in Call short, 3.22% in Put longs and 43.39% in Put shorts.

USD-INR outlook:

The 81.97 vicinity did offer a bounce, but with no follow through momentum, USDINR slipped initially into a sideways range, before bearish bias emerged more dominant. Look for 81.76, before longs are attempted, with support deep below seen at 81.6.  

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