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Nifty outlook: 

Inability to float above 17690 after the early spike yesterday, suggests easing of upside momentum. This would mean that the eyes are now on the 17470/400region discussed yesterday, to see if buyers could regroup to stall a 17000-16650 drop.

Derivative:

Nifty weekly contract has highest open interest at 17800 for Calls and 17000 for Puts while monthly contracts have highest open interest at 17700 for Calls and 16200 for Puts. Highest new OI addition was seen at 17800 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 -15.30%, increased future index shorts by 6.33% and in index options by 13.37% in Call longs, 8.14% in Call short, 36.26% in Put longs and -6.54% in Put shorts.

USD-INR outlook:

We will go in today with the expectation of seeing a breakout that has been brewing for quite some time. With consecutive close above 79.7, a breach of 80 is imminent, enroute 80.3.

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