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Nifty outlook:  

We will begin the day hoping that 18676 does not find rejection trade like what was witnessed on the recovery attempt to 18720 yesterday. Even if there is early loss in momentum, we expect upsides attempts to resume, as long as the dips do not stretch beyond 18638. If yes, expect a return to the 18887-19070 trajectory, but a vertical upside all the way is less expected. Alternatively, slippage past 18595 would call for 18420.

Derivative:

Nifty weekly contract has highest open interest at 18650 for Calls and 18600 for Puts while monthly contracts have highest open interest at 19000 for Calls and 18000 for Puts. Highest new OI addition was seen at 18650 for Calls and 17600 for Puts in weekly and at 18800 for Calls and 17500 for Puts in monthly contracts. FIIs increased their future index long position holdings by 7.23%, increased future index shorts by 12.99% and in index options by - 31.68% in Call longs, -29.33% in Call short, -37.43% in Put longs and -44.59% in Put shorts.

USD-INR outlook:

The upper range extremity of 82.62 continued to hold yesterday. The repeated rejections from this region has not yet evolved into a sell off as 82.50 has remained a sticky region, allowing consolidation near it on mul?ple days. Until 82.25 is breached on the downside, expect more upswings.

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