Nifty followed through well today by printing intraday lows at 8645 spot before pulling back and closing at 8706 levels. It is still recommended to remain short with risk at 8900/50 levels. Immediate support is seen at 8700 spot levels, followed by 8600, 8400 and lower while resistance is seen at 8900/50, followed by 9000 and higher respectively. Please note that short term rallies are possible and could drag prices higher before finally reversing lower. Nifty remains a candidate to be sold on rallies though.
The USDINR pair continues to drift sideways between 62.20 and 62.50 spot levels respectively. Looking into the structure, it is still recommended to buy USDINR on dips towards 62.00 spot. Immediate support is seen at 62.00 spot levels, followed by 61.30 and lower while resistance is seen at 62.80 and 63.10 spot levels respectively. Buying on dips is a recommended trading strategy.
Bank Nifty closed lower to -0.42%, Auto at -0.18%, Energy at 0.82%, Finance was down at -0.17%, FMCG at -0.82% and IT at -0.79%.
Have a Great Day!