MCX Support and Resistance Level

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Nifty forms Inverted Hammer pattern on weekly scale; 10,700 crucial for bulls

The Nifty50 fell sharply and wiped out momentum of last six trading sessions to slip towards 10,750 levels on Friday. The index plunged nearly 200 points for the first time in last nine consecutive sessions, forming big bearish candle on the daily charts.

Concerns on global economy growth and threat of partial US government shutdown dented market sentiment globally, but the consistent fall in oil prices continued to support the market.

Experts expect the consolidation to continue in the coming sessions and the index is likely to defend crucial support of 10,700 levels, experts said, adding the trading volume could be low in coming week as FIIs generally go on leave during Christmas and New Year.

The Nifty50 after opening flat extended losses as the day progressed and touched an intraday low of 10,738.65 in late trade. The index closed 197.70 points or 1.81 percent lower at 10,754.

The Nifty lost half a percent during the week due to sharp correction on Friday and formed Inverted Hammer kind of pattern on the weekly scale.

"After a brief outperformace vis-à-vis global markets in the month of December Nifty50 appears to have resumed its downswing, perhaps in solidarity with global trends, as it signed off the last session of the week with a large bearish candle which has erased almost last 5 sessions of labored upmove," Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in told Moneycontrol.

Source:https://www.moneycontrol.com/news/business/markets/technical-view-nifty-forms-inverted-hammer-pattern-on-weekly-scale-10700-crucial-for-bulls-3316671.html

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MCX Support and Resistance Level

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MCX SUPPORT & RESISTANCE LEVELS

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MCX SUPPORT & RESISTANCE LEVEL

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MCX SUPPORT & RESISTANCE LEVEL

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MCX SUPPORT & RESISTANCE LEVEL

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MCX SUPPORT & RESISTANCE LEVEL

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MCX SUPPORT & RESISTANCE LEVEL

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MCX SUPPORT & RESISTANCE LEVEL (4 OCT 2018)

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MCX SUPPORT & RESISTANCE LEVEL (25 SEP 2018)

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MCX SUPPORT & RESISTANCE LEVEL (19 SEP 2018)

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MCX SUPPORT & RESISTANCE LEVEL (18 SEP 2018)

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MCX SUPPORT & RESISTANCE (31 AUG 2018)

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MCX SUPPORT & RESISTANCE LEVEL (30 AUG 2018)

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Indian rupee hits fresh record low of 70.82 per dollar; down 10% this year

The rupee has fallen by 10 percent this year so far - making it the worst-performing currency in Asia.

After a marginal gap down opening the Indian rupee touched a record low of 70.82 per dollar during intraday on Thursday.

It has opened marginally lower at 70.63 per dollar versus previous close 70.59.

Vivek Rajpal, Asia interest rates strategist, Executive Director, Nomura said, "One big reason why INR is behaving in this fashion is due to its sensitivity to oil prices which is very high. The market is generally differentiating between the current account deficit and current account surplus nations. In a way, INR is suffering due to current account deficit and its price sensitivity to oil prices."

"We expect the INR to head towards Rs 71-72/USD but in the near-term there is a higher likelihood of consolidation at current levels," he added.


On Wednesday, the rupee closed at a historic low of 70.59 after it plunged to all-time low of 70.65 on the back month-end dollar demand from importers and foreign capital outflows.

Yesterday rupee posted a biggest single session decline against US dollar since August 13, 2018.

The rupee has fallen by 10 percent this year so far - making it the worst-performing currency in Asia.

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MCX Support and Resistance Level (29 Aug 2018)

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