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Nifty outlook: 

The turn higher on Friday met liquidation pressure early in the day itself. Yet another attempt higher is likely to be attempted, which seeks a break beyond the 18040/70region before bears become less dominant. Optimistic Scenario sees 18320, but inability to float above 18070 could negate such hopes. While such a scenario will forceus to reconsider the 17500-300 views, an outright collapse is less favoured today.  

Derivative:

Nifty weekly contract has highest open interest at 18000 for Calls and 18000 for Puts while monthly contracts have highest open interest at 19000 for Calls and 17000 for Puts. Highest new OI addition was seen at 18000 for Calls and 17000 for Puts in weekly and at 18000 for Calls and 17000 for Puts in monthly contracts. FIIs increased their future index long position holdings by 4.08%, increased future index shorts by 3.81% and in index options by 69.37% in Call longs, 43.41% in Call short, 96.12% in Put longs and 31.64% in Put shorts.  

USD-INR outlook:

As long as above 82.59, expect upside attempts, but failure to float above 82.75 will render the trend weak, and pull back could gain downside momentum aiming 82.4.  

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