1. Nifty chart setups:
Nifty has dropped towards 8700 spot levels yesterday at close. The indice could continue drifting lower in the coming sessions but intraday rallies are very much a possibility today. It is recommended to consider those as selling opportunities. Please note that the pair has reversed from fibonacci 0.618 resistance around 8800/30 levels, and the same has got potential to hold good. Immediate support is seen at 8600 spot levels while resistance is seen at 8800/30, followed by 8900 and higher respectively. Nifty remains good to be sold on rallies, only a push above 8900 would nullify bearishness.
Hold short positions and sell further on rallies.
2. USDINR chart setups:
The USDINR pair is drifting sideways between 62.20 and 62.50 spot levels since a few trading sessions now. It is seen to be bouncing off the support range around 62.20 at the moment and is expected to break higher above 62.50 soon. It is hence recommended to hold long positions and also look to keep buying on dips. Immediate support is seen at 62.00 spot, followed by 61.30 and lower while resistance is seen at 62.70 spot levels at least. Bulls are poised to remain in control till prices stay above 61.30 levels from here on.
Remain long and look to buy on dips.