1. Nifty Technical Setup:
Nifty is stalling at 8600 spot levels for now. The indice is expected to take a dip lower towards 8400 levels before rallying further up, towards 8800 levels. Short term or intraday weakness can be expected, but Nifty should be well supported ahead of 8260 levels. It is recommended to build fresh long positions around 8400 spot levels and let them run through the April series. Support is seen at 8260 for now while resistance is seen at 8800/10 spot levels.
Look to buy around 8400 spot levels.
2. USDINR Technical Setup:
The USDINR has formed bottom around 61.90/62.00 spot levels as it was discussed last week. Please note that 62.00 levels is also fibonacci 0.618 support of the rally between 61.30 to 63.00 levels as depicted here. It is recommended to initiate long positions at current levels, with risk at 61.00 spot. The pair could drift in a sideways range for a while before breaking out higher in the weeks to come. Bulls should be poised to take control till prices stay above 61.00 spot levels.
Initiate long positions, stop at 61.00 target is open.