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Views On Morning Nifty, Derivative and Rupee comments 26 April 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook:  

Test of 17807, which is not far from our initial objective of 17830, has prompted buyers to slow down. But there are enough reasons not to expect an outright collapse, and instead look for yet another accumulation in the 17708 vicinity, but we may have to wait for consistent trades above 17765, before the 17976 objective is brought back into play. Alternatively, slippage past 17680 could bring 17500 back in the radar again.

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 17700 for Puts. Highest new OI addition was seen at 17800 for Calls and 17800 for Puts in weekly and at 17800 for Calls and 17800 for Puts in monthly contracts. FIIs increased their future index long position holdings by -1.31%, increased future index shorts by -7.76% and in index options by - 8.60% in Call longs, -3.72% in Call short, -6.99% in Put longs and -8.28% in Put shorts.

USD-INR outlook:

Momentum continues to be missing, prompting us to wait for a break beyond 81.85-82.07. Those looking to make a play before range breakout may expect upswings initially as long as above 81.97.    

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