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Morning Nifty, Derivative and Rupee comments 3 March 2023 By Anand James, Geojit Financial Services
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Views On Morning Nifty, Derivative and Rupee comments 3 March 2023 by Anand James - Chief Market Strategist at Geojit Financial Services
Nifty outlook :
While the dip was anticipated, the consolidation thereof ended without much directional signal. Nevertheless maintained yesterday, even though the hopes of extension in the relief rally continued to shrink, the downside marker of 17255 being intact, we continue to retain hopes towards another attempt to scale the 17520-560-620 barriers. For the day, we have ear marked 17375 above which Nifty needs to float, to maintain positive. Else expect 17050-16800 in the coming days, but not necessarily an outright breakdown today.
Derivative:
Nifty weekly contract has highest open interest at 17350 for Calls and 17300 for Puts while monthly contracts have highest open interest at 18000 for Calls and 17000 for Puts. Highest new OI addition was seen at 17350 for Calls and 17300 for Puts in weekly and at 17500 for Calls and 17500 for Puts in monthly contracts. FIIs increased their future index long position holdings by -22.85%, increased future index shorts by -1.57% and in index options by -25.81% in Call longs, -27.87% in Call short, -23.72% in Put longs and -50.83% in Put shorts.
USD-INR outlook:
The swing higher evolved on anticipated lines, but did not unfold directional moves, even though 82.69 was breached. This is in line with the sideways moves that have dominated this currency cross for over a month now. Near term break out region appears to be 83-82.30
Above views are of the author and not of the website kindly read disclaimer
