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Nifty outlook: 

Though 16982 did mount a defence on anticipated lines,in the face of bearish onslaught yesterday, the movie has certainly exposed 16400. However, patterns do not call for an outright plunge. We, therefore pin our hopes ondownsides not stretching beyond 16800, being at 2sd from the 7d MA. For the day, the movie will require confirmation from a burst above 17130.  

Derivative:

Nifty weekly contract has highest open interest at 17200 for Calls and 16000 for Puts while monthly contracts have highest open interest at 18000 for Calls and 17000 for Puts. Highest new OI addition was seen at 17200 for Calls and 16600 for Puts in weekly and at 17100 for Calls and 17100 for Puts in monthly contracts. FIIs increased their future index long position holdings by -18.00%, increased future index shorts by 3.81% and in index options by 15.48% in Call longs, 0.55% in Call short, 32.45% in Put longs and -4.38% in Put shorts.  

USD-INR outlook:

We have been pinning our hopes on a slippage in the last few days, counting on a break below 82.4 to trigger the same. Yesterday marked the first attempt to do so, but adirectional fall did not unfold. Persistent inability to get back above 82.4 would confirm downswings towards 81.8.