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Nifty outlook: 

We had gone into last Friday with a downside objective of 17460. The easing of downside momentum after being in the 17500 vicinity encourages us to hunt for upsides.However, as maintained on Friday, inability to clear17860 on the bounce could signal extended downsides,towards 17000 initially.  

Derivative:

Nifty weekly contract has highest open interest at 19000 for Calls and 17000 for Puts while monthly contracts have highest open interest at 17700 for Calls and 17600 for Puts. Highest new OI addition was seen at 19000 for Calls and 17000 for Puts in weekly and at 18000 for Calls and 16500 for Puts in monthly contracts. FIIs increased their future index long position holdings by 23.58%, increased future index shorts by -1.97% and index options by 50.75% in Call longs, 32.18% in Call short, 66.06% in Put longs and 41.39% in Put shorts.  

USD-INR outlook:

Continued stickiness to the 79.60-79.70 region revives fears of sideways moves. We had begun to expect directional moves, or at least expansion in trading ranges, and will continue to expect 80.10-80.30 in the near term, as long as 79.60 holds, and 78.8, if breached.  

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