Daily Indian Markets VIew

Daily Technical View on NIFTY, BANK NIFTY, USD/INR, GOLD

Nifty : - 

Another day of Gap down opening due to global melt down. Time and again we are testing the 15800 levels. They market is attempting hard to break this to see a free fall. It remains to be seen if we are in to a major bear cycle. Following sessions and the next week are crucial to decide the potential target. For now, it seems to be on sell side on every spike. Crucial levels to watch are 15870-15775 on the downside and 16040- 16140 on the upside. 

 

BankNifty:

The Bank Nifty is an easy target for sellers. Till we see another day when the index closes above 34200 it would be sell on any spike. Weekly option open interest to drive the market. The downside support at 33200 is expected to provide good support.  Expected range 33200-34800.

USDINR: 77.30**/77.10***                                                                  Res: 77.70***/78.00** 

For now, 78.00 would be crucial resistance. We are near a temporary top and expect reversal shortly. The pair is expected to move in the range of 77.55-78.00.  

Gold:

The precious metal seen trapped in tighter range of 1800-1860 with a downward bias. A close above 1840 required for further gains. Expected range 1800-1840