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Nifty outlook:  

Though the closing hour attempted a recovery rally, it looked too feeble to convince Nifty away from a 17050 slide, with potential for an expansive plunge towards 16500-200 later. Expect early upswings to see rejected trades once in the 17255 vicinity. Upside hopes will be rekindled once in the 17050-17000 vicinity or if an outright push above 17255 unfolds.

Derivative:

Nifty weekly contract has highest open interest at 17500 for Calls and 17000 for Puts while monthly contracts have highest open interest at 18000 for Calls and 17000 for Puts. Highest new OI addition was seen at 17300 for Calls and 16800 for Puts in weekly and at 17500 for Calls and 17100 for Puts in monthly contracts. FIIs increased their future index long position holdings by 3.87%, increased future index shorts by 5.77% and in index options by 30.30% in Call longs, 9.45% in Call short, 25.10% in Put longs and 11.99% in Put shorts.

USD-INR outlook:

The strong close yesterday makes case for a push beyond 82.27 and potentially paves way for directional upsides aiming 82.4 or even 83 again. Alternatively, inability to push above82.27 or a pull back below 82.04 could render a sideways bias to the trend.  

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