1. Nifty chart setups:
Nifty has been trading within the fibonacci 0.618 resistance range around 8800/30 spot as seen here. The indice had closed at 8834 levels on Monday and is trading at expected resistance now. As depicted here, a reversal could be expected at current levels or from around 8900 spot, that could bring down Nifty to sub 8000 levels soon. It is recommended to prepare to sell into rallies for now but also wait for a complete bearish reversal confirmation before committing. Immediate support stands at sun 8700 spot, followed by 8600, 8400 and lower while resistance is seen at 8850/8900 spot levels, 9000 and higher respectively.
Prepare to sell on a bearish confirmation.
2. USDINR chart setups:
The USDINR pair has been printing higher highs and higher lows since 61.90 spot levels earlier this month. The pair is trading at 62.35 spot levels for now and is poised to hit 62.70 and 63.00 spot levels from here on. It is recommended to hold long positions and also look to add further on dips. Immediate support is seen at 62.10 levels, followed by 61.90 and lower while resistance is seen at 62.70, followed by 63.00 and higher respectively. The bulls seem to be poised to push higher towards 64.00/65.00 levels in the coming sessions.
Remain long, stop at 61.90, target is open.