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Nifty outlook:  

The turn lower without breaching 18100, and the subsequent fall back below 17960 forced us to abandon the positive stance that we had taken for yesterday. Nevertheless, the slippages not having breached 17800, we will start the day on a neutral stance, with expectation of swings on either side. We will continue to view 17960 as pivot for the day to choose sides, but will wait for a breach of the 17800-18100 band for directional plays.

 Derivative:

Nifty weekly contract has highest open interest at 18000 for Calls and 17900 for Puts while monthly contracts have highest open interest at 18000 for Calls and 18000 for Puts. Highest new OI addition was seen at 18000 for Calls and 17600 for Puts in weekly and at 18000 for Calls and 17400 for Puts in monthly contracts. FIIs increased their future index long position holdings by -3.86%, increased future index shorts by 11.55% and in index options by 6.00% in Call longs, 12.07% in Call short, 32.06% in Put longs and 2.07% in Put shorts.  

USD-INR outlook:

Expect a brief consolidation early in the day, followed by yet another attempt to push higher towards 82.1. However, inability to hold slippages within the 81.59-81.50 region might rekindle downside moves again.  

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