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Views On Morning Nifty, Derivative and Rupee comments 22 March 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook:  

We have got into the 17100-185 band now after huffing and puffing all the way. While this has kept the 17470 trajectory in play, rejection trades loom as key congestion points are near. Expect dips early today, butshould 17080 arrest them, expect a test of 17185-224 today. Persistent trades below 17080 will however weaken our upside hopes, but a collapse is less likely.  

Derivative:

Nifty weekly contract has highest open interest at 17800 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 17400 for Calls and 17000 for Puts in monthly contracts. FIIs increased their future index long position holdings by -2.34%, increased future index shorts by 0.19% and in index options by 7.98% in Call longs, 1.99% in Call short, -1.00% in Put longs and 18.17% in Put shorts.

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