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Nifty outlook:  

While the upside attempts failed to find momentum, it did not require dips as far as our turnaround point of 18047 to slow the slippages. Consequently, yet another upside attempt isto be attempted today with 18270-17800 continuing to be the out band. If 18047 vicinity continues to hold, we may rest assured that 17800 is a near term bottom, setting up a likely target of 18600. However, inability to float above 18947 willforce a retest of 17960, but a collapse is less favoured as is.  

Derivative:

Nifty weekly contract has highest open interest at 18200 for Calls and 18100 for Puts while monthly contracts have highest open interest at 18500 for Calls and 18000 for Puts. Highest new OI addition was seen at 18150 for Calls and 18100 for Puts in weekly and at 18500 for Calls and 17500 for Puts in monthly contracts. FIIs increased their future index long position holdings by -2.95%, increased future index shorts by 2.97% and in index options by -53.47% in Call longs, -34.71% in Call short, -54.01% in Put longs and -58.51% in Put shorts.

 USD-INR outlook:

It took the entire day to get back to our pullback region of 81.4-81.50. Ideally this is a setup for another leg down, potentially aiming 80.9.  

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