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Nifty outlook: 

Bullish exhaustion has now managed two days of downsides,but each of them fizzled off once in the mid 17600s,suggesting that a swing higher is due. Upper range is seen as 17900 for now, but momentum for the 18100 move looks missing. Alternatively, inability to float above 17900 or an outright attack on 17700s could pave the way for 17400.

Derivative:

Nifty weekly contract has highest open interest at 18400 for Calls and 17700 for Puts while monthly contracts have highest open interest at 18500 for Calls and 17000 for Puts. Highest new OI addition was seen at 18400 for Calls and 17700 for Puts in weekly and at 19500 for Calls and 17500 for Puts in monthly contracts. FIIs increased their future index long position holdings by 22.63%, increased future index shorts by -56.55% and in index options by -47.73% in Call longs, -48.72% in Call short, -60.23% in Put longs and -50.62% in Put shorts.  

USD-INR outlook:

Yesterday’s upswings have managed to dilute the downside fall, but do not look to have triggered a directional upside. We will wait for a push above 82.85 for that, and until then,expect long liquidation pressure to re emerge. And restrict prices in a small trading range.

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