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Views On Morning Nifty, Derivative and Rupee comments 27 April 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook:  

Volatility expectations have gone up, albeit mildly, as we are poised to trade at levels not seen since early March,with a favoured view expecting bears to regroup once inside the 17840-976 region. However, trend following approach favours 18300, should we see a close above 17900 or an outright breach of 17976. Expect early dipsto be bought, but while positive vibes may diminish if below 17780-65 region, there is no reason yet to expect collapse for the day.

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 17900 for Calls and 17800 for Puts in weekly and at 17900 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:

Look for a retest of 81.6 and beyond. Expect reversal attempts while above 81.75, but selling pressure is likely to resurface from 81.90 vicinity.

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