Nifty closed at 8570 spot levels today, breaking below the 8600/10 lows created earlier. The risky aggressive trade setups on the long side did not work out well today. Resistance is seen at 8787 and 8840/50 for short term now. Downside extensions are pointing towards 8400 and 8000 levels subsequently. Intraday pullback rallies could still materialize on Monday and it is recommended to sell them at higher levels. Nifty could be retracing/consolidating lower for several weeks now.
The USDINR has reacted according to our expectations and discussions in the morning report today. The pair had made highs at 62.60 levels before dropping lower towards 62.38 spot levels. Maximum downside seen here is 62.00 spot levels before it resumes rally. Buying dips is recommended.
This is how the sectorial indices performed. Bank Nifty closed lower by -1.09%, Auto closed at -1.53%, Energy at -0.97%, Finance at -0.69%, FMCG at -2.11%, IT was the only sector that closed in the green by 0.72%.
Have a Nice Weekend!