Nifty had opened gap up in the opening trade today as expected and inched higher towards 8787 spot levels before pulling back again. Believe it or not, the indice is facing selling pressures at higher levels. Trading at 8741 spot levels at the moment, Nifty remains a candidate for selling into rallies. Please note that 8840/50 spot resistance is still holding well, and if bulls need to carry the momentum, they need to clear past above hurdle. Whatever the case, Nifty remains well laid off on rallies.
On the other hand, the currency segment reacted as expected by opening lower at 62.40/50 levels. It made lows at 62.10 spot, just ahead of the major support at 62.00 levels. The pair is back to 62.47 spot levels at the moment and looks to have made a higher low already to rally higher up. USDINR remains buy on dips for now.