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Views On Morning Nifty, Derivative and Rupee comments 28 March 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook:  

Bulls did regroup yesterday though stumbled at 17070, a critical frontier that we had marked down yesterday as the one to be toppled before recovery moves are played with more conviction. Hence, while yesterday’s close did not inspire, it still encourages us to open today with upside hopes, and persist with it through the day, as long as above 17020, but may have to wait for a close today above 17140 to put the trend firmly in the 17470 trajectory. Alternatively, a repeat attack on 16918 would assure a new low for the year. This though is not the favoured view as is but deserves attention given the approach of expiry.  

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 17800 for Calls and 17000 for Puts in weekly and at 17800 for Calls and 17000 for Puts in monthly contracts. FIIs increased their future index long position holdings by 16.85%, increased future index shorts by -14.46% and in index options by 29.33% in Call longs, 17.16% in Call short, 16.28% in Put longs and 29.98% in Put shorts.  

USD-INR outlook:

While upswings were visible early in the day, they fizzled off as expected on approach to 82.43. The sharp turn lower has now rendered the trend sideways with downside bias remaining as long as pull back does not reclaim 82.21. 

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