Nifty which opened down and consolidated around 6100 and even tried moving up towards 6150 during the initial of the day. But selling pressure resumed and Nifty closed near to 6075. Red candle days from last week continue.
Selling was witnessed in Banking, Real Estate and Auto stocks where as Pharma stocks bucked the trend and moved up sharply.
Today the index is expected to be flat to slightly positive after continuous red candle days. Nifty is getting closer to the support of 6000 û 6020 level. After 6220, 6020 is the next good support for Nifty. If Index takes support at this level then it is expected to consolidate between 6020 & 6200. SGX Nifty is trading down slightly positive. RSI from overbought zone has been drifting down and itÆs expected that Nifty might give a bounce from lower levels but ultimately selling pressure is expected to continue at higher levels.
USD-INR moved up sharply for the day and drifted around 63.75 for the rest of the day. The pair has moved up from the lows of 61 to 63.1 levels. The pair is expected to face decent resistance around 63.75 û 64.1.
The weekly support levels for Nifty are 6060 / 5979 with resistance of 6282 / 6423. The weekly support levels for Bank Nifty are 10591 / 10269 with resistance of 11485 / 12058.
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