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Nifty outlook:  

A morning star reversal pattern in the closing hour, withNifty now near the 3rd lower band, raises hopes of a swing higher, initially towards 17735. But, unless we seea push above 17820, expect 17290, the 200DMA to attract prices lower, with intermediate support seen at 17450. 

Derivative:

Nifty weekly contract has highest open interest at 19000 for Calls and 17000 for Puts while monthly contracts have highest open interest at 18000 for Calls and 18000 for Puts. Highest new OI addition was seen at 18000 for Calls and 17000 for Puts in weekly and at 17500 for Calls and 16500 for Puts in monthly contracts. FIIs increased their future index long position holdings by -20.45%, increased future index shorts by 43.06% and in index options by 42.90% in Call longs, 39.78% in Call short, 62.69% in Put longs and 83.79% in Put shorts.  

USD-INR outlook:

Though wild swings with intermittent upswings have persisted, we continue to see the81.59-81.8 region as a distribution band, from where selling efforts will resume, and will consider directional upsides only on close above 81.8.  

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