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With opening slippages not stretching beyond 17400, positivity dominated all through yesterday, succeeding in seeing 17530 as anticipated. The Confluence of several key moving averages makes the 17530 vicinity critical to further upsides. Towards this end, a revisit of 17400 appears likely before charting further course. Alternatively, if slippages do not stretch beyond 17480, expect uptrend to resume without consolidation.

Derivative:

Nifty weekly contract has highest open interest at 17700 for Calls and 17500 for Puts while monthly contracts have highest open interest at 18000 for Calls and 17000 for Puts. Highest new OI addition was seen at 17700 for Calls and 17500 for Puts in weekly and at 17600 for Calls and 17500 for Puts in monthly contracts. FIIs increased their future index long position holdings by 28.27%, increased future index shorts by -15.48% and in index options by 27.89% in Call longs, 26.17% in Call short, 14.42% in Put longs and 41.05% in Put shorts.  

USD-INR outlook:

Downsides gained momentum yesterday on breach of 82 on anticipated lines, but stopped short of achieving our 81.6 objective. The higher close now threatens a pull back, which could gain momentum, if 82.03 is breached. Towards this end, we will go in today with a wider range expectation of 81.6-82.37.  

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