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Nifty outlook:  

Though we were clear on not expecting a vertical fall, we had talked up the prospects of distribution happening yesterday, having almost abandoned the 17470 upsidemove which we had so eagerly played since late last week. Inability to close above 17080, our turnaround point for yesterday, adds more weight to this stance. Today downsides will obviously have the upper hand, but cautious upside bets may be tried either on the first test of 16980 or on push above 17110.  

Derivative:

Nifty weekly contract has highest open interest at 17100 for Calls and 17050 for Puts while monthly contracts have highest open interest at 18000 for Calls and 17100 for Puts. Highest new OI addition was seen at 17100 for Calls and 17050 for Puts in weekly and at 18000 for Calls and 17100 for Puts in monthly contracts. FIIs increased their future index long position holdings by 46.96%, increased future index shorts by -1.27% and in index options by -13.80% in Call longs, -15.88% in Call short, -22.84% in Put longs and -39.00% in Put shorts.  

USD-INR outlook:

Having bounced off 82, an upswing is in play aiming 82.37 or 82.5 in a very optimistic scenario. However, inability to float above 82.19 could render the trend sideways.