Nifty finally closed at 8699.95 spot levels, after swinging between 8682 and 8755 respectively. The Daily Chart view has produced an indecisive candlestick pattern, spinning top, indicating that a reversal is on cards in the coming sessions. Nifty bulls are expected to remain in control till prices stay above 8670 spot levels and push higher at least through 8900/50 levels. Please make note that the indice had broken below trend line support yesterday and could be now preparing for a counter trend rally towards fibonacci 0.618 resistance at 8950 spot, before reversing again. Selling rallies is a favoured trade strategy.
The USDINR trades at 62.79 spot levels at this moment, looking to retrace lower after hitting a fibonacci resistance at 62.93 spot in early trade today. The pair is expected to resume uptrend soon towards 64.65 levels at least. Support is seen through 62.00 and 62.50 respectively. Buying on dips is a favoured trade strategy.
Most sectorial indices viz. Bank Nifty, Auto, Finance and FMCG remained almost flat except the Energy sector, which closed lower by -0.41% and the IT sector by -0.46%.
Have a Great Day Ahead!