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Views On Morning Nifty, Derivative and Rupee comments 31 March 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook:  

That 16918 held off multiple downside attempts, and that 17070 region was finally conquered, encourages us to not only get back on the 17470 trajectory, but also look beyond. However, expect some tentativeness if unable to sustain opening gains above 17200, leading to a phase of consolidation, but expect a quick return toupside trajectory, unless the 17175-17100 region fails to arrest slippages

Derivative

Nifty weekly contract has highest open interest at 17100 for Calls and 17000 for Puts while monthly contracts have highest open interest at 17100 for Calls and 17000 for Puts. Highest new OI addition was seen at 17100 for Calls and 17050 for Puts in weekly and at 17100 for Calls and 17050 for Puts in monthly contracts. FIIs increased their future index long position holdings by -57.30%, increased future index shorts by -19.97% and in index options by -48.57% in Call longs, -42.89% in Call short, -53.88% in Put longs and -60.23% in Put shorts.

USD-INR outlook:

Suggested trading range of 82-82.37 persisted on Wednesday. But, with upside attempts being hammered on each of the days since 22nd, the 82 region looks vulnerable towards a break, exposing 81.6. Alternatively, we will continue to see 82.37 as an upper lid, a break beyond which is required for upsides to gain traction

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