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

Nifty outlook:  

A disappointing down close on Friday has given control back to bears, signalling a 16300/200 move.Towards this end, 16800 appears too close to be of credible support. Meanwhile, the ability to float above 17000 early in the day, could however signal that bulls are regrouping, but we would look for a push beyond 17070 to play recovery moves with more conviction

Derivative:

Nifty weekly contract has highest open interest at 18000 for Calls and 17000 for Puts while monthly contracts have highest open interest at 18000 for Calls and 17000 for Puts. Highest new OI addition was seen at 17000 for Calls and 16800 for Puts in weekly and at 17000 for Calls and 16800 for Puts in monthly contracts. FIIs increased their future index long position holdings by 25.71%, increased future index shorts by 2.26% and in index options by 15.05% in Call longs, 10.66% in Call short, 21.61% in Put longs and 12.62% in Put shorts.

USD-INR outlook:

Having fully achieved the 82.5 objective on Friday, a consolidation is underway. While upswings are expected, while taking support from 82.3, they are unlikely to gain momentum, as long as 82.43 resists.  

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