What’s in October’s bag for Nifty, Bank Nifty and USDINR
USDINR – In the past week, rupee almost held itself from more losses. The pair traded in a range. There has been a loss of momentum in the pair. In coming weeks we may witness strengthening of the rupee further, but this not mean that the turmoil in the rupee has ended.
The trend may be just taking a breather after the past run. 72.30 – 71.90 remains strong support for the pair, any correction may halt at these levels. RSI is hesitating at bulls extreme zones, that may call for a mild correction in the pair. Longer term targets are set at 73.80 – 7.50 levels.
NIFTY – The daily vector on Nifty have turned down and the weekly RSI vectors are into sideways zone. On the daily charts RSI is into deep oversold areas, a pullback may not be ruled out at this juncture, however creating longs may not be a bright idea here.
Above 11150 a push to 11400 levels may be seen. However, failing to do so Nifty may be dragged to 10800 – 10650 levels in the weeks to come.
BANK NIFTY – There is no doubt that the condition of Bank Nifty is more pathetic than the Nifty. Daily RSI is spearing into the bearish zones, RSI is sailing into deep oversold zones. A pullback may be seen n coming sessions, but not any breather for bulls. 25870 – 26270 will be strong resistance levels. Whereas 24700 – 24190 may act as supporting levels.