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Nifty outlook: 

 That the falls failed to find much acceleration after a breach of our turnaround point of 17,960 encourages us to look for recovery runs today. However, as maintained yesterday, 18,150 will need to be overcome before strength returns. Else, expect weakness to persist, aiming 17,670-500.  

Derivative:

Nifty weekly contract has highest open interest at ,for Calls and 18,000 for Puts while monthly contracts have highest open interest at 18,000 for Calls and 17,700 for Puts. Highest new OI addition was seen at 18,000 for Calls and 17300 for Puts in weekly and at 18,000 for Calls and 17,700 for Puts in monthly contracts. FIIs increased their future index long position holdings by 9.40%, increased future index shorts by -12.18% and in index options by -37.61% in Call longs, -31.33% in Call short, -53.88% in Put longs and -38.41% in Put shorts.

USD-INR outlook:

We had gone in yesterday having abandoned the 83.25 view, in favour of declines into the 82.75-82.59 band. That the lower extremity of the band was tested indicates the underlying bearishness, but 82.59 being a congestion support, a recovery run may be expected, though we will wait for a 82.78 before playing strong upsides.  

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