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Nifty outlook:  

That the bearish onslaught failed to push beyond 16800 encourages us to keep the upside trajectory inplay. We had pencilled in 17470 as the measured objective for the recovery push. The first challenge would obviously be from the recent reaction peak of 17224, which had held supreme on multiple days, but we do not expect much drama this time. However, if exhaustion sets in on approach to 17320, be advised on the importance of 17000 as a downside reversal level from here on.

Derivative:

Nifty weekly contract has highest open interest at 17000 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 17000 for Calls and 16950 for Puts in weekly and at 17000 for Calls and 17000 for Puts in monthly contracts. FIIs increased their future index long position holdings by 6.27%, increased future index shorts by 12.74% and in index options by -16.11% in Call longs, -8.50% in Call short, -27.00% in Put longs and -34.52% in Put shorts.

USD-INR outlook:

We had put a pause to our upside expectations yesterday, seeking confirmation from a break of 83 for the same, and had placed a downside marker at 82.81, anticipating exhaustion in upsides. As it turned out, 82.81 was breached, giving way for slippages, thatnow aim at 82.24. However, expect relief upsides should 82.66 be reclaimed early in the day,but we do not expect vertical rallies.