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Nifty outlook:  

A proper rejection traded from the 17185-224 region,cautioning against playing the 17470 trajectory any further.While a vertical fall is not expected, today, it may unfold tomorrow, leaving today for distribution. Towards this end, we hope for trades above 17080/17070 region to convince that bullish vibes are intact.  

Derivative:

Nifty weekly contract has highest open interest at 17500 for Calls and 17000 for Puts while monthly contracts have highest open interest at 17500 for Calls and 17000 for Puts. Highest new OI addition was seen at 17500 for Calls and 17150 for Puts in weekly and at 17500 for Calls and 17200 for Puts in monthly contracts. FIIs increased their future index long position holdings by -8.97%, increased future index shorts by -0.42% and in index options by -11.39% in Call longs, -3.02% in Call short, -1.87% in Put longs and 3.45% in Put shorts.   

USD-INR outlook:

USDINR has slipped into a sideways band, albeit in a bigger range. While we wait for push beyond 83 or directional upsides, or atleast a break of 82.81 for initiating the upside breakout, dips to 82.37 may also be expected to attract bargain buying. We may have to wait for a break below 82.24 in order to see downsides gaining momentum.