NIFTY in consolidation mode into year end!
NIFTY held well at lower end of set near-term consolidation range of 8150-8400 finding minor resistance at 8285-8300. Break-out bias however is seen towards 8050/8065 ahead of major short term support at 7950-8000. Good to stay focused at 7950/8150-8300/8400 for now.
Rupee seen steady post the recent value adjustment!
Not surprised to see Rupee in back-and-forth mode at set focus zone of 62.85/63.00-63.85/64.00, between end Dec'14 $ support zone of 63.10-63.35 and end Mar'15 $ resistance zone of 64.85-65.10. No cues at this stage to review the outlook with zoom-in focus at 63.55-63.90 for rest of 2014.
India 10Y bond steady but with downside pressure!
10Y bond steady at 7.90/7.95-8.0/8.05% post push-back from major resistance zone of 7.75-7.80%. No major cues to trigger break-out of big-picture focus at 7.85-8.10% at this stage; minor risk into 8.10-8.25% is not ruled out, but seen as strategic investment opportunity.
Good day ahead!
Moses Harding
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