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Nifty outlook: 

Having achieved the first objective of 17630, the bullish exhaustion led downsides that we discussed on Tuesday may be expected to have eased, giving one more shot at resuming the upside trajectory aiming 18100. However, downsides would gain momentum aiming 17400, should 17900 refuse to give away. 

Derivative:

Nifty weekly contract has highest open interest at 18000 for Calls and 17500 for Puts while monthly contracts have highest open interest at 18000 for Calls and 17500 for Puts. Highest new OI addition was seen at 17800 for Calls and 17450 for Puts in weekly and at 17800 for Calls and 17450 for Puts in monthly contracts. FIIs increased their future index long position holdings by -3.87%, increased future index shorts by -3.35% and in index options by 1.17% in Call longs, -7.30% in Call short, 9.91% in Put longs and -7.90% in Put shorts.  

USD-INR outlook:

Tuesday’s inability to recapture 83 led to long liquidation yesterday disturbing the uppish bias. But with downside objective of 81.5 yet to be tested, expect a pull back to 82.3-82.4initially, before re attempting downsides.