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Views On Morning Nifty, Derivative and Rupee comments 6 March 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook:  

Having closed above 17620 hurdle last Friday, we are encouraged to extend the upside objective to 18250. However we will go in today with near term objectives limited to 17800, by which time, bears may resurface. Towards this end, the downside marker may be pushed higher to 17500.  

Derivative:

Nifty weekly contract has highest open interest at 18000 for Calls and 17500 for Puts while monthly contracts have highest open interest at 18000 for Calls and 17000 for Puts. Highest new OI addition was seen at 17850 for Calls and 17500 for Puts in weekly and at 18000 for Calls and 17600 for Puts in monthly contracts. FIIs increased their future index long position holdings by 40.34%, increased future index shorts by -19.61% and in index options by 20.74% in Call longs, 20.54% in Call short, 12.15% in Put longs and 104.37% in Put shorts. 

USD-INR outlook:

Directional moves set in after 82.3 gave away. Given the steepness of the slide, a pull back may be expected, ideally towards 82, but we expect the down move to test at least 81.2before a pull back evolves. Until then 81.78 may be employed as an upside marker.  

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