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Nifty outlook: 

The approach to 17690 may see bears regrouping, but if the dips thereof sustains above 17640, a few more spurts of upsides could be seen. It may take a while to breach the 18000 barrier again, but the near term prospects of the same will stay alive as long as 17470/400 region holds.

Derivative:

Nifty weekly contract has highest open interest at 19000 for Calls and 17600 for Puts while monthly contracts have highest open interest at 17700 for Calls and 17000 for Puts. Highest new OI addition was seen at 18000 for Calls and 17000 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 14.38%, increased future index shorts by -7.98% and in index options by 9.69% in Call longs, 8.47% in Call short, -6.33% in Put longs and 25.19% in Put shorts.

USD-INR outlook:

Sideways moves continued yesterday on anticipated lines, but the odds of a breakout has increased. We will go in today with the initial range to be within 79.7-80, and wider range to be 79.15-80.3.

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