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Views On Morning Nifty and Derivative comments 15 May 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook:  

While the 18500 objective continues to remain in play, expect a retest of 18066, should 18195/18150 fail to attract bargain hunting. An outright collapse beyond 17800 is not expected though. Alternatively, the ability to float above 18265 will signal revival in intraday upside momentum, but a vertical rally is less expected as long as 18315/350 resists.  

Derivative:

Nifty weekly contract has highest open interest at 18300 for Calls and 18200 for Puts while monthly contracts have highest open interest at 18500 for Calls and 18000 for Puts. Highest new OI addition was seen at 18800 for Calls and 18200 for Puts in weekly and at 18600 for Calls and 18200 for Puts in monthly contracts. FIIs increased their future index long position holdings by -4.94%, increased future index shorts by -1.00% and in index options by 34.17% in Call longs, 28.09% in Call short, 56.87% in Put longs and 56.27% in Put shorts.

USD-INR outlook:

Friday marking the highest close since 19th April, signals that momentum favours ongoing upside, which now aims 82.34 or 82.47, both recent peaks. While such a move is in play, 81.09 may be considered as a downside marker.   

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