USDINR took a steep jump since bank notes ban and trading higher high, it is now trading on strong resistance and seem to go downward from this level, risky traders may enter short at CMP 68.50 and others may wait to break the inside bar or breakout downside.
As seen 7900- 8000 has acted as an important support and resistance levels for Nifty in the past. 7900 is also an important Fibonacci support. Yesterday, it formed an inside bar which can act as a reversal signal, and a bounce can be expected.
On the downside if we see, Nifty has formed a rounding top pattern in daily charts. A breakdown below 7900 levels on...
