Nifty continued its drop today but with lesser intensity producing intraday pullbacks and closed at 8377 spot levels. The indice has been stalling around the last fibonacci support around 8380/90 levels today. A drop further down from current levels will give absolute confirmation that the indice is heading towards 8000 and 7800 spot levels in the coming sessions. However, a bullish reversal here would drag prices higher again. It is recommended to remain short for now and move risk below break even levels. Support is at 8260 spot while resistance is 8700/8800 levels.
USDINR followed what was written in the morning updates. The pair made intraday highs around 63.15 spot levels before dropping lower towards 62.74 spot during the day. The pair is seen to be trading around 62.84 levels and expected to inch higher towards 64.20/30 levels in the sessions to come by. It is recommended to remain long for now and also look to buy on dips.
The sectorial indices were a mixed bag with Bank Nifty closing up around 0.44%, Auto was down -1.21%, Energy was down at -0.97%, Finance remained flat, FMCG at -1.19%, and IT at 0.30%.