1. Nifty chart setups:
Nifty is heading towards 8800/50 spot levels either straight from here or after dropping lower to sub 8400 spot levels. Higher probability remains for a drop and then resume rally. The indice has stalled out at the 50% retracement till now and further resistance is seen around 8800 and 8900 respectively. Selling into strength towards 8800 could be a favoured trading strategy from now on. Support is seen through 8400, followed by 8260, 8100 and lower. The indice could be setting up for a deeper correction and things would clear up further around 8800-8900 resistance.
Flat for now, looking to buy a drop towards 8400/30 levels for a rally through 8800 later.
2. USDINR chart setups:
The USDINR pair is poised to raise through 62.60 levels from here. The pair is testing an intermediary resistance trend line at the moment and preparing to push higher. It is favoured to remain long for now while supports are seen at 62.00/61.90, followed by 61.50, 61.30 and lower while resistance is seen through 62.80, 63.10 and higher respectively. Bulls remain poised to remain in control till prices stay above 61.90 from here on. Please note the pair has bounced off the 0.618 support.