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Nifty outlook: 

The turn lower cautioned yesterday after peeping into the 18040-160 band is poised to unfold today. The catchment area is 17860. Successful pull back above this region later in the day,could set the 18600 trajectory back in motion. Inability to do so,could signal extended downsides toward 17520 in the next few days, but a collapse is still not among the favoured moves.  

Derivative:

Nifty weekly contract has highest open interest at 18400 for Calls and 18000 for Puts while monthly contracts have highest open interest at 18100 for Calls and 18000 for Puts. Highest new OI addition was seen at 18500 for Calls and 18000 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 18.76%, increased future index shorts by -24.98% and in index options by -1.15% in Call longs, -0.44% in Call short, -15.47% in Put longs and 16.19% in Put shorts.  

USD-INR outlook:

Downsides extended only as far as 78.99, before pulling back. Favoured view expects such upswing to be challenged in the 79.60-79.70 region. However, upward bias could persist,should 79.4 hold. 

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