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Nifty outlook: 

Friday’s close inside the 18080/120 region makes case for a peep into the much awaited 18350-600 band soon. However, an outright push beyond 18300 in the opening hour, could attract long liquidation pressure, towards which end, we shall continue to maintain the downsidemarker at 17760. Alternatively, an early consolidation in the 18190-215 region will help a rise towards 18350 in an assured manner today.  

Derivative:

Nifty weekly contract has highest open interest at 19000 for Calls and 18000 for Puts while monthly contracts have highest open interest at 18000 for Calls and 17000 for Puts. Highest new OI addition was seen at 19000 for Calls and 18000 for Puts in weekly and at 18100 for Calls and 18000 for Puts in monthly contracts. FIIs increased their future index long position holdings by 2.34%, increased future index shorts by 6.55% and in index options by 62.31% in Call longs, 35.24% in Call short, 97.25% in Put longs and 53.48% in Put shorts.

USD-INR outlook:

The bearish bias that we started discussing on Friday assumed strength, overpowering the bargain efforts that we had anticipated to set in on dips to 82.55. Any push beyond 81.85will however attract fresh buying though, setting up a bigger trading range toward, with 82.55 on the upper boundary.

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