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Nifty outlook: 

Despite the failure yesterday to close above 17600, the moves did not resemble rejection trades, encouraging us to keep the day’s upside hopes alive, as long as above17512. Inability to do so, could indicate vulnerability towards 17335, but the downside marker for the 18600 trajectory may continue to be at 17250.

Derivative:

Nifty weekly contract has highest open interest at 17550 for Calls and 17200 for Puts while monthly contracts have highest open interest at 17500 for Calls and 17500 for Puts. Highest new OI addition was seen at 18000 for Calls and 17500 for Puts in weekly and at 18000 for Calls and 16000 for Puts in monthly contracts. FIIs increased their future index long position holdings by -15.41%, increased future index shorts by 71.70% and in index options by -39.88% in Call longs, -39.18% in Call short, -42.88% in Put longs and -56.68% in Put shorts

USD-INR outlook:

The failure yesterday to breach the 79.7 region led to fall on anticipated lines, almost achieving the 79.15 objective. However the close back near 79.7 hints at heightened indecision, and prompts us to consider the possibilities of 80 again, as long as above 79.6, with 79.8 seen as an intermediate challenge.