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Nifty outlook: 

Yet another pause near 17580, lends weight to reversal theories. This allows for retesting of key pivots at 17360/12or 17240/180, as maintained in the last two days. Expect bargain hunting though as long as above 17470, but it would take a direct rise past 17580 for revival in upside momentum. Upside targets in such a scenario would be 17700.  

Derivative:

Nifty weekly contract has highest open interest at 17600 for Calls and 17500 for Puts while monthly contracts have highest open interest at 18000 for Calls and 16500 for Puts. Highest new OI addition was seen at 17650 for Calls and 17550 for Puts in weekly and at 19000 for Calls and 16500 for Puts in monthly contracts. FIIs increased their future index long position holdings by 7.00%, increased future index shorts by 20.60% and in index options by -29.20% in Call longs, -19.58% in Call short, -40.17% in Put longs and -41.57% in Put shorts. 

USD-INR outlook:

Inability to float above 83 forced a dip as cautioned yesterday, testing our target of 82.8. Favoured view expects the 82.8-82.63 region to attract buying though, but a vertical rise to83.3 would require consistent trades above 82.95.  

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