Indian currency, debt and equity markets closed on account of Eid

The rupee pared initial gains to settle almost flat at 76.48 against the US dollar on Monday as subdued domestic equities offset the impact of a sharp decline in global crude oil prices.

Commenting on the outlook for Nifty, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The short term trend of Nifty remains choppy and the market is placed within broader high low range. Minor upside bounce could be expected in the next 1-2 sessions and the market could eventually turn down and retest the support and lower range. Hence, limited upside and higher possibility of decisive downside breakout persists in the market.”