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The Indian rupee consolidated in a narrow range with a positive bias as the dollar index declined and Asian currencies recovered. The inflows associated with the index rebalancing also supported the rupee in today's trade. The dollar is in demand and is being boosted by factors such as the reassessment of the Fed's long-term key interest rate, high oil prices and concerns about the further development of the European and Chinese economies. While the local rupee remained resilient against the greenback despite central bank interventions, spot USDINR is expected to trade between 83 and 83.30 amid mixed economic data. Market participants will keep an eye on the RBI's monetary policy decision next week. The Reserve Bank of India (RBI) is likely to keep its repo rate unchanged as inflation in India declines following a rise in vegetable prices in July. After the recent respite, the markets tended to return to a negative mood and lost almost one percent on the monthly expiry date. After the flat start, Nifty gradually declined throughout the session and finally settled at 19523. The decline was widespread across all sectors, with IT and FMCG among the biggest losers. The broader indices also felt the heat, with midcap stocks losing over one percent and smallcap stocks closing slightly in the red.The Nifty has witnessed a significant correction as it was unable to sustain the level above 19750. On the daily time frame, the most recent candle has engulfed the bodies of previous days' candles, suggesting negative sentiment. The prevailing sentiment continues to favor selling on rallies. Looking ahead, the Nifty could fall towards 19250 with immediate support at 19450. Resistance is at the top at 19600.
Resistance: 18700, 18800, 18900
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