1. Nifty could spring a surprise yet again today by rallying sharply if 8600 spot levels remain intact. This could potentially be the last rally before a meaningful reversal. Aggressive/risky traders might want to capture the bull move by buying with strict stop below 8600 spot today. A more conservative approach would be to remain short and look to add short positions on rallies.
2. The USDINR could continue drifting lower towards 62.00/10 spot levels, before turning bullish again. The pair might be targeting fibonacci 0.618 support lower before resuming its uptrend. Support is at 62.00 and 61.30/50 on the lower side. Details below: