Nifty has closed at 8659.90 sport levels, after hitting intraday highs around 8667 spot today. The indice was expected to rally through the 8625/30 spot levels and the same has been achieved. A dip is now expected towards 8400 levels before the rally could resume. Resistance zone is around 8800 spot while support is seen at 8400 and 8260 respectively for now. It is recommended to go long again around 8400 levels, if prices manage to reach there. An aggressive trading style would be to short Nifty, with risk around 8710/20.
The USDINR has bounced off 61.90/62.00 spot levels today. The pair has hit an intraday high of 62.20 levels and is trading around 62.20 for now. It is expected to trade above 62.00 levels for now, as bulls are expected to remain in control. It is recommended to initiate fresh long positions on intraday dips towards 62.00/10 spot levels again. The pair has bounced off the fibonacci 0.618 support and it is expected to trade above 62.00 spot from here on.
All sectorial indices either closed in Green or remained flat today. Bank Nifty remained almost flat at -0.07%, Auto was up close to a per cent, Energy was up at 0.71%, Finance remained flat, FMCG closed above 2% and IT was marginally up at 0.14%.
Have A Great Day Ahead!