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Below are Views On Morning Nifty, Derivative and Rupee comments 28 March 2022 by Anand James - Chief Market Strategist at Geojit Financial Services 

Nifty outlook

We were looking for a close above 17260 on Friday to see if the bulls will force us to have a rethink on the anticipated down move towards 16700. Our learning from the tug of war of Friday and how oscillators have ended up is that the Nifty may have to bide more time to get directional. The 200 day SMA has also pushed up to 17000, standing in the way of a free fall. Expect the day to be welcome by a 17150-270 band with an upward bias, but with limited upsides. Directional moves could set in once the 17000-17350 band is breached, at which point, 16700 or 17760 would emerge as the objectives.

USDINR outlook

With a high of 76.2170 and low of 76.12, the 76.17 region re-assumed its role as a sticky region. Larger moves are expected today. A push higher could unfold, which could last for a few days, if a close beyond 76.37 is seen. But such hopes will be negated on a close below 76.

Derivative comments

Nifty weekly contract has highest open interest at 17200 for Calls and 17200 for Puts while monthly contracts have highest open interest at 18100 for Calls and 16000 for Puts. Highest new OI addition was seen at 17600 for Calls and 17600 for Puts in weekly and at 18000 for Calls and 16000 for Puts in monthly contracts. FIIs increased their future index long position holdings by -1.79%, increased future index shorts by 0.36% and in index options by 9.31% in Call longs, 4.36% in Call short, 16.79% in Put longs and 10.50% in Put shorts.

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