Nifty tests support, remains shy just 08 points before pulling back. Todays’ intraday low was at 8677 before closing high again at 8712 spot. Finally there is enough proof after todays move, that Nifty has turned “Sell into rallies from here on.” Resistance is now seen at 8950 and rallies into those levels should be sold, with risk at 9119. A counter rally should now be expected from current levels, and push prices higher at least through 8950 levels if not higher. Downside in Nifty is seen at 8400 and subsequently till 8000 levels. It is favoured to sell into rallies from here on.
The USDINR is expected to retrace lower into possibly 62.40/50 levels before rallying higher into 64.50 and 65.00 levels at least. The pair is a clear buy on dips, with risk at 61.00 levels.
Major sectorial indices closed in the red with Auto closing up by 0.34%. The Bank Nifty closed lower by almost half a per cent, Energy dropped lower by a per cent, Finance, FMCG and IT closed lower by 1.34, 0.50 and 0.14 per cent respectively.
Have A Great Day!