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Nifty outlook:  

Despite upside attempts dominating throughout the day,distribution was visible on approach to the 17900-940 region, our target for yesterday. But, an outright turn mower is not expected, as there appears enough momentum for at least one more leg up, ideally into the 17940-18020 band. Downside markers may be pushed higher to 17795 for the day, but a collapse view may not come into play until below 17580.

Derivative:

 Nifty weekly contract has highest open interest at 18000 for Calls and 17800 for Puts while monthly contracts have highest open interest at 18000 for Calls and 17500 for Puts. Highest new OI addition was seen at 18100 for Calls and 17800 for Puts in weekly and at 18200 for Calls and 17600 for Puts in monthly contracts. FIIs increased their future index long position holdings by 14.53%, increased future index shorts by -7.49% and in index options by 2.44% in Call longs, 10.13% in Call short, 12.52% in Put longs and 26.29% in Put shorts.  

USD-INR outlook:

Weakness set in yesterday on slippage past our downside marker of 82. 74. However, for the day, unless below the 82.55-40 band, expect bargain hunting to re surface. 

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