Nifty hit highs at 8601 spot today, before closing at 8586.25 levels at close. The indice has almost reached 38% of the drop between 9119 and 8260 spot respectively. A dip lower is expected from current levels, before the rally resumes and extends into 8800 levels at least. The indice remains buy on dips and support is seen at 8400 spot levels, followed by 8260 for now. As we had discussed earlier, the potential for a huge counter trend rally remains high in April. Resistance is seen at 8840/50, followed by 8900 and higher respectively.
The USDINR derivative segment remained close today but spot market has made intraday lows at 62.24 levels before bouncing back into 62.32 spot respectively. The pair should be supported ahead of 62.00 levels and a bullish bounce could be expected from here. We shall discuss more on Monday, before market open.
Major sectorial indices were in the Green today except IT which closed lower almost by a per cent. Bank Nifty was up +2.26%, Auto at +1.03%, Energy at +0.59%, Finance at +2.0% and FMCG at +1.34%.
Have a Nice Week Ahead!