1. Nifty chart setups:
As seen on the chart view here, Nifty is on the verge to hit 8800 spot levels, which is also the fibonacci 0.618 resistance of the entire drop from 9119 to 8260 spot levels. Selling into rallies is preferred trading strategy and 8800/8900 are levels of interest to watch out for. Immediate support is the 8700, followed by 8400, 8100 and lower while resistance are seen at 8800, 8900 and beyond. It is recommended to remain flat for now and await for a bearish reversal formation at levels specified above. Bears should be poised to regain control from ahead of 9119 spot levels.
Remain flat for now, loo to sell higher.
2. USDINR chart setups:
The USDINR remains poised to gain further towards 62.70 and 63.00 spot in the sessions to come by. The pair may remain flat till Nifty tops out and break higher there after. Immediate support is seen at 62.00 spot, followed by 61.30 and lower while resistance is seen at 62.85, followed by 63.10 levels respectively. It is very much recommended to remain long with risk around 61.30 levels for now. The pair is expected to register higher highs in the coming weeks.
Remain long for now, stop at 61.30, target is open.