1. Nifty chart setups:
Nifty stalls at fibonacci 50% resistance around 8690/8700 spot levels for now. Moreover, the indice has produced a star doji, indicating indecisiveness. The outlook remains the same as we have been discussing since the beginning of this week, expect a drop from higher levels. Resistances are lined up from 8800/8900 levels, while support is seen around 8430/8400, 8260 and 8100 for now. Recommendations are to sell on rallies through 8800 spot levels from here on. Shall not be surprised to see a major correction coming in May 2015.
Selling on rallies favoured.
2. USDINR chart setups:
The USDINR has corrected itself towards 62.11 spot levels, overnight. Expect a gap down opening today at open, followed by a rally. Recommendations are to take fresh long positions again with a short term target of 62.69 spot levels. Further push could see 63.00 and higher levels soon enough. The pair should remain in control of bulls till prices stay above 61.90 and subsequently 61.30 spot levels. The pair could be preparing for another bull run up in MAY 2015 at least.
Remain long and initiate more positions, stop at 61.30