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A classic evening star pattern in weekly charts encourages us to look for 17000 or even 16650. Should early slippages lose momentum in the 17160 region, expect upside attempts, but it would require a push above 17550 to gain momentum.

Derivative:

Nifty weekly contract has highest open interest at 18000 for Calls and 17200 for Puts while monthly contracts have highest open interest at 18700 for Calls and 17500 for Puts. Highest new OI addition was seen at 17700 for Calls and 17000 for Puts in weekly and at 18000 for Calls and 16000 for Puts in monthly contracts. FIIs increased their future index long position holdings by -1.52%, increased future index shorts by -16.93% and index options by 39.71% in Call longs, 27.29% in Call short, 51.09% in Put longs and 37.35% in Put shorts.

USD INR outlook:

After several rejection trades, the 80 mark is on the verge of giving away, setting up potentially strong up moves to 80.3. Downside marker may be placed at 79.86 for the day.

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