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Nifty outlook: 

We had gone into yesterday wondering if buyers would regrouponce inside the 17470/400 region so as to stall a potential drop to 17000-16650. Buying did emerge just short of entering this region, and should encourage a positive opening today. But there are not enough signs of a directional move yet and the 18600move has to wait, prompting us to watchout for bears to resurface once in the 17770-850 vicinity.

Derivative:

Nifty weekly contract has highest open interest at 18000 for Calls and 17000 for Puts while monthly contracts have highest open interest at 17500 for Calls and 17500 for Puts. Highest new OI addition was seen at 18000 for Calls and 17000 for Puts in weekly and at 18000 for Calls and 16000 for Puts in monthly contracts. FIIs increased their future index long position holdings by 5.53%, increased future index shorts by 2.26% and index options by 7.03% in Call longs, 9.52% in Call short, 12.97% in Put longs and 8.51% in Put shorts.

USD-INR outlook:

Despite a swing lower and close near 79.7, a strong breach of 80, enroute 80.3, looksimminent. Alternatively, inability to float above 79.7 or a direct fall below 79.5 would however invalidate bullish hopes and force us to look for 79.15.

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