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Nifty outlook: 

The 18430-600 dash discussed in the last few days unfolded yesterday, catapulting prices to the upper band of the range. But,this still remains a sideways market as maintained yesterday,suggesting that even a new record peak, which is within touching distance, may not trigger directional upsides right away, but could be followed by dips to 18470 before reattempting upside again. Alternatively, continued rise without as much of a dip could aim for 18800.  

Derivative:

Nifty weekly contract has highest open interest at 18500 for Calls and 18000 for Puts while monthly contracts have highest open interest at 18500 for Calls and 18000 for Puts. Highest new OI addition was seen at 18500 for Calls and 18400 for Puts in weekly and at 18500 for Calls and 18400 for Puts in monthly contracts. FIIs increased their future index long position holdings by 2.66%, increased future index shorts by -36.65% and in index options by -49.20% in Call longs, -44.95% in Call short, -58.63% in Put longs and -30.73% in Put shorts.  

USD-INR outlook:

Sideways trades could continue to persist with a bearish bias aiming for 81.4, as maintained yesterday. However, a pull back above 81.8 could force us to tone down the bearish bias, but will wait for a breach beyond 82 to switch sides.  

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