Nifty closed at 8492 spot levels today, in line with our discussion in opening bell. Minimum expected levels for a bullish morning star was 8430 spot levels but the indice rallied smartly towards higher levels confirming a continued rally for April series. Nifty turns buy on dips from here on with immediate major support seen at 8250 spot levels. Bulls are back again right at the trend line support, after consolidating lower for March series. This rally should continue at least till 8625 spot levels if not higher.
The USDINR on the other hand did nothing today and moved in a 10-12 points range between 62.55 and 62.65 spot levels. With a bearish engulfing signal produced on the daily chart setup on Friday, the pair is expected to push lower towards 62.00 spot and below in the days to come by. Resistance is seen at 63.10 levels and selling into rallies is a preferred trade strategy.
Bank Nifty closed in the green by +1.76%, Auto at 1.65%, Energy remained high close to a per cent, Finance was the leader at +2.23%, FMCG closed nearly 2% higher and IT closed nearly a per cent high.