After a roller coaster ride today, Nifty finally closed at 8341 spot levels. The indice had dropped to 8269 spot during the day before pulling back sharply. A doji candlestick pattern has been formed on the Daily chart setup today, indicating a potential reversal. A bullish follow through on Monday, would confirm that a meaningful bottom is in place already and could hold for the rest of the series. Support is seen at 8000/8100 spot levels. Aggressive traders should have built long positions in Nifty today with strict stops. Bulls are expected to be back soon!
The USDINR has dropped to 62.48 spot levels at this moment of writing and is expected to continue falling lower. This was expected as discussed in the morning report. A bearish engulfing candlestick pattern is being produced at the moment which indicated that the pair could be setting up for a top and reversal. Immediate support is seen at 62.spot levels, followed by 61.50, 61.00 and lower. The pair seems to be turning sell on rallies now.
Bank Nifty was the star performer today at 1.20%, Auto at 0.59%, Energy was down almost by a per cent, Finance at 0.45%, FMCG was in the RED by -0.90%, while IT at 0.56%.