The Indian market (Nifty Fut/India-50) is currently trading around 10842.00 in early Monday, surged by almost +0.60% on positive global cues amid overnight boost in the Wall Street as Fed’s Powell looks “patient and flexible” coupled with a “blockbuster” US NFP job data, confirming the underlying strength of the US economy rather than slow down.
But on early Monday Asian session, USDJPY plunged on lingering US political saga (partial government shutdown), renewed concern of US-China cold war as China’s President Xi reportedly asked his Army to be prepared for a “war” with American/Trump aggression!
Technical View (Nifty, Bank Nifty, USDINR-I):
Technically, whatever may be the narrative Nifty Fut-I (NF) has to sustain over 10925 for a further rally to 10975/11050*-11130/11205 and 11245/11315-11405/11495 in the near term (under bear case scenario).
On the flip side, sustaining below 10900, NF may further fall to 10825/10745*-10660/10580 and 10500/10350-10290/10230 in the near term (under bear case scenario).
Technically, Bank Nifty Fut-I (BNF) has to sustain over 27650 for a further rally to 27785/27875-27945*/28175 and 28410/28465-28550/28800 in the near term (under bear case scenario).
On the flip side, sustaining below 27600, BNF may again fall to 27400/27300-27050*/26700 and 26500/26400-26250/26150 in the near term (under bear case scenario).
Technically, USDINR-I has to sustain over 69.50 for a further rally to 70.50/70.95*-71.25/71.75 and 72.60*/73.00-73.70/74.25 in the near term (under bullish case scenario).
On the flip side, sustaining below 69.15, USDINR-I may fall to 69.00*/68.50-68.25/68.00 and 67.80/67.00-66.70/66.40 in the near term (under bear case scenario).
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