Gift Nifty slips on Trump’s H1B Visa fees shock; IT ADRs slid
·
The market is not prepared for Trump’ return gift
to Modi’s birthday, as $100K annual fees on H1B Visa, which may impact Indian
IT and other sectors
·
Trump may also impose some form of tariffs/taxes
on Indian IT & other outsourcing services as reciprocal treatment to have a
favorable trade deal with India
·
India also imposes 18% IGST on all US services in
India
·
Overall, the H1B Visa policy is in line with
Trump’s long-term campaign promise to ensure American jobs and MAGA ideology
·
But
overall, Trump’s tone was softer than that of his Commerce Secretary and a
known policy hawk, Lutnick, which may pave the way for some compromise with
‘Great Friend’ Modi/India
·
At
the same time, other developed countries like the UK, Germany/the EU, and
Canada may take similar H1B Visa actions on foreign workers due to growing
domestic political compulsions
India’s benchmark stock index, Nifty, surged almost
0.85% for the week ended September 20, 2025, on renewed hopes of MAGA &
MIGA coexistence; i.e., optimism about improving trade and diplomatic ties between
India and the US. The positive sentiment was sparked by exchanges of
Truths/Tweets between U.S. President Trump and Indian PM Modi, particularly
following Trump’s warm birthday wishes to Modi on his 75th birthday
(September 17), which Modi reciprocated promptly, and both called each other
‘friend’.
The reopening of the communications channel between
Trump and Modi has fueled hopes of smoother trade negotiations and stronger
bilateral relations, boosting investor confidence again after Trump’s bellicose
and often insulting comments about India on trade, tariffs, and the economy. India’s
benchmark stock index, Nifty, surged almost 4% in September (till 19th)
on GST reform optimism and hopes of improving US-India diplomatic relations as
Trump almost blinked on Modi’s China & EU card.
Also, the Fed’s 25 bps rate cut on September 17,
along with the dot-plot hints of another 50 bps rate cut in October and
December, sparked the Indian market; the RBI may follow suit. Additionally, the
Indian market was also boosted by hopes of an imminent withdrawal of the 25%
‘punishment’ levy for Russian oil issues amid progress of the Ukraine war
ceasefire and softer tone of Trump, now pressuring the EU to impose 100%
tariffs on China; not mentioned India. Also, some Indian media & policy
makers are expecting 10-15% US tariffs on Indian goods and vice-versa as a
result of the potential BTA by October-December ’25. Nifty slumped almost 4% in
the last two months (July-August) on the Trump trade/tariff war tantrum.
On late
September 16, Trump posted on his Truth:
“Just had a wonderful phone call with my friend, Prime Minister Narendra Modi.
I wished him a very Happy Birthday! He is doing a tremendous job. Narendra:
Thank you for your support in ending the War between Russia and Ukraine!
President DJT”
In
response, Modi tweeted soon: “Thank
you, my friend, President Trump, for your phone call and warm greetings on my
75th birthday. Like you, I am also fully committed to taking the
India-US Comprehensive and Global Partnership to new heights. We support your
initiatives towards a peaceful resolution of the Ukraine conflict.”
Catalyst
for the latest rally
The market’s upbeat mood stems from a thaw in
India-U.S. relations, with Trump expressing confidence in a "successful
conclusion" to ongoing trade talks. His remarks, coupled with Modi’s
positive response, have alleviated concerns over potential trade barriers, such
as tariffs, that had previously weighed on investor sentiment. The Nifty 50 has
been on a strong upward trajectory, logging its longest winning streak in over
four months; 3rd consecutive weekly gain. This rally follows a
period of correction/consolidation, with the index still down approximately 5%
from its record highs in September 2024 on concerns of expensive valuation. Apart
from Trump trade truce optimism, the current momentum may be a combination of
domestic and global factors, including India’s GST reforms, robust GDP growth, stabilized
inflation, and steady inflows from domestic institutional investors and mutual
funds (DIIs).
The Chabahar Sanctions Revocation: A
Strategic Blow for India?
The
Indian benchmark index Nifty slips on Friday (19th September),
snapping a three-day winning streak as Trump’s India tantrum resurfaced,
triggered by the Trump administration's decision to revoke the 2018 sanctions
exemption for operations at Iran's Chabahar Port. The move, effective September
29, 2025, has cast a shadow over India's $120 million investment in the
strategic port and broader regional trade ambitions, reigniting fears of
strained US-India ties just as trade talks appeared to thaw. This marked a
reversal from the optimism earlier in the week, fueled by hopes of more US
Federal Reserve (Fed) rate cuts and progress on the Bilateral Trade Agreement
(BTA). This echoed the broader irony of Trump's "maximum pressure" on
Iran benefiting China while squeezing India.
The
US State Department and Treasury announced the revocation on September 18,
2025. This is in alignment with President Trump's "maximum pressure"
policy to isolate Iran over its alleged support for regional proxies and
weapons proliferation. The 2018 waiver under the Iran Freedom and
Counter-Proliferation Act (IFCA) had exempted India from penalties for developing
and operating the Shahid Beheshti terminal at Chabahar, recognizing its role in
Afghanistan's reconstruction. India Ports Global Limited (IPGL), a state-run
entity, has managed the terminal since 2018, handling over 8 million tonnes of
cargo and facilitating humanitarian aid to Afghanistan.
With
the exemption ending September 29, Indian operators and partners now risk US
sanctions, including asset freezes and transaction bans. India's May 2024
10-year deal with Iran—valued at $250 million in credit for infrastructure—now
hangs in the balance, with the initial $120 million investment directly
threatened. External Affairs Ministry sources expressed "deep
concern," calling it an "India-specific punitive step" that
undermines regional stability. Prime Minister Narendra Modi's office has not
commented publicly, but diplomatic channels are active, with a potential
Modi-Trump call floated to address the fallout.
The
decision exacerbates frictions in the US-India relationship, coming amid
ongoing BTA negotiations stalled by 50% US tariffs on Indian exports (tied to
Russian oil purchases). Just days after a "positive" September 16
preparatory meeting in Delhi, this move signals Trump's willingness to
prioritize Iran isolation over bilateral goodwill, despite India's compliance
with US sanctions during his first term (halting Iranian oil imports in 2019).
It risks alienating Tehran, a key partner in energy security, and complicates
Modi's multi-alignment strategy—balancing QUAD ties with Russia-Iran outreach.
This
has amplified calls for India to diversify even amid the "Modi
ego-disaster" and Trump's birthday wishes to Modi earlier in the week.
Threats to Afghan-Central Asia Links
and Counter to China's Gwadar: India’s pain & China’s gain?
Chabahar
is pivotal for India's access to landlocked Afghanistan and Central Asia,
bypassing Pakistan via the International North-South Transport Corridor (INSTC)
to Russia. It has enabled wheat shipments (over 40,000 tonnes since 2022) and
humanitarian aid post-Taliban takeover, fostering economic ties worth $2-3
billion annually. The sanctions threat could halt operations, isolating these
routes and handing Pakistan a strategic edge. More critically, Chabahar—located
just 140 km from Pakistan's Chinese-operated Gwadar Port—serves as India's
counterweight to China's Belt and Road Initiative (BRI). Gwadar, part of the
$62 billion China-Pakistan Economic Corridor (CPEC), enhances Beijing's Indian
Ocean presence. Disrupting Chabahar bolsters China's regional dominance,
potentially ceding $5-10 billion in trade opportunities to India by 2030.
Experts warn this could be "maximum payoff for Beijing," echoing
Trump's first-term policies that funneled cheap Iranian oil to China after
India's import halt.
On late Friday, India’s Gift Nifty Future
(India 50/SGX Nifty) slipped over 150 points to almost 25300
after White House Official and spokesperson tweeted: Trump is expected to add a
new $100,000 fee for H-1B visas, and is set to sign the order as soon as
Friday. Indian tech ADRs like Infy, TCS slid almost 5%.
Trump Signs Executive Orders
Establishing "Gold Card" Visa Program and Imposing $100,000 (annual)
H-1B Fees
In
a bold move and in line with his campaign promise to overhaul U.S. immigration
and visa policies to safeguard American tech jobs, President Trump signed two
executive orders on Friday, introducing the "Trump Gold Card" program
for wealthy immigrants and slapping a hefty $100,000 & $200,000 annual fee
on H-1B visa applicants & sponsors (employee companies). The actions, announced
during a White House ceremony flanked by Commerce Secretary Lutnick, aim to
prioritize "high-value" immigrants while curbing what Trump called
the "overuse" of common skilled worker visas that undercut American
jobs. The orders take effect immediately, with the Gold Card rollout slated for
early 2026 pending regulatory tweaks.
The "Gold Card": A $1
Million Fast-Track for Elite Immigrants
The
flagship order, titled "Establishing the Gold Card Visa Program,"
creates an expedited pathway for foreigners who demonstrate "exceptional
value" to the U.S. through significant financial contributions.
Individuals can apply for a renewable 10-year "Gold Card" visa—akin
to a golden ticket for permanent residency—by donating or investing at least $1
million directly into U.S. Treasury funds or approved infrastructure projects.
Corporations seeking to sponsor employees can pay up to $2 million per
applicant for accelerated processing, framing it as a "signing bonus"
for top talent in fields like tech, finance, and energy.
Trump
touted the program as a "win-win for America," arguing it would
generate billions in revenue to fuel domestic industry while attracting
"the best and brightest" without straining public resources.
"You can prove your value by contributing a million dollars—simple as
that," Trump said during the signing, drawing parallels to sports
contracts. Proceeds will flow into a dedicated Treasury fund for commerce
initiatives, with Lutnick predicting it could raise $50-100 billion annually. A
"Platinum Card" variant, requiring congressional approval and
potentially higher fees, was teased but not included in the order.
Critics,
including immigration advocates, decried it as a "pay-to-play" scheme
favoring the ultra-wealthy, potentially exacerbating inequality; a
billionaire's green card; Trump signs 'Gold Card' executive order, expediting
H-1B visas for a fee up to $2,000,000, and imposing a $100,000 annual
sponsorship fee for regular applicants. MAGA supporters, however, hailed it as
"America First innovation," calling it a "game changer"
against "cheap foreign labor pipelines," led by Indians.
H-1B Overhaul: $100,000 annual Fee to
Deter "Abuse" and Protect U.S. Workers
The
second order targets the H-1B program, which brings in about 85,000 skilled
workers annually for specialty occupations like software engineering and data
science—many from India and China. It mandates a new $100,000-per-year
sponsorship fee on top of existing application costs (around $2,000-5,000),
payable by employers for each visa holder. Trump described it as a
"deterrent to overuse," ensuring companies only hire foreigners who
are "truly exceptional" or risk financial pain, potentially forcing
them to prioritize American talent.
"This
fee will make sure the H-1B is for the best of the best, not a loophole for
cheap labor," Trump stated, echoing his first-term restrictions that limited
visas during the COVID pandemic. Commerce Secretary Lutnick added, "Either
the person is very valuable... or they’re going to depart, and the company will
hire an American." The fee could generate $8-10 billion yearly, funneled
toward workforce training programs.
The
tech industry, heavily reliant on H-1B visas (e.g., 70% of Silicon Valley's
foreign-born workforce), reacted with alarm. The U.S. Chamber of Commerce
warned of talent shortages and higher costs passed to consumers, while Indian
IT firms like Infosys and TCS—major H-1B users—saw shares dip 5-4% in
after-hours trading. Immigration groups like the American Immigration Council
called it a "tax on innovation," projecting a 30-50% drop in H-1B
approvals.
SUMMARY OF H-1B EXECUTIVE ORDER
·
ENTRY BAN: No H-1B visa holder may enter
the United States beginning Sunday, September 21st, including current visa
holders, unless they pay $100K to enter.
·
VISA FEE: New H-1B and H-1B extensions must
pay $100K to be processed and $100 per year every year thereafter to maintain
them.
·
This will effectively end the H-1B program completely.
No one, even the highest paid at 500K, will be paying an extra 100K a year to
the government.
·
It will cause uncertainties in the US
health care, higher education, and technology sectors if this isn't stayed by
the court immediately.
Broader Context and Implications
These
orders cap a flurry of Trump immigration actions since his January 2025
inauguration, including mass deportation plans and curbs on asylum. They come
amid soaring U.S. grocery prices (up 3% year-over-year) from tariffs—ironically
pressuring Trump to balance economic nationalism with talent needs. For
India-U.S. ties- already strained by 50% tariffs and Chabahar sanctions, the
H-1B fee hits hard: Indian nationals receive 70% of H-1Bs, potentially
derailing BTA talks where visa reciprocity is a flashpoint.
Legal challenges are expected, with
the ACLU vowing suits over the Gold Card's constitutionality.
Economists estimate the policies could boost federal revenue by $60 billion but
slow GDP growth by 0.5-1% via talent gaps. Trump's turning visas into a luxury
good—only the rich need apply, and it may be a reply to India’s 40% GST on
Luxury goods from the US.
Trump Slaps $100K Annual Fee on H-1B
Visas: How It Will Impact Indian Workers.
In
a sweeping escalation of his "America First" immigration agenda,
President Donald Trump signed a proclamation on September 19 imposing a
staggering $100,000 annual fee on H-1B visa applications, effective immediately
for new petitions. This move, part of a broader executive action that also
launched a $1 million "Gold Card" visa for elite immigrants, targets
the program that brings in 85,000 high-skilled foreign workers annually—many
from India—to fill roles in tech, engineering, healthcare, and consulting. The
policy, hailed by Trump as a way to "protect American workers from
abuse," has sent shockwaves through the U.S. tech sector, with Indian
professionals— who comprise about 70-72% of H-1B recipients—facing the brunt of
reduced opportunities, higher barriers to entry, and potential job losses.
Commerce
Secretary Howard Lutnick, speaking alongside Trump in the Oval Office, defended
the fee as a deterrent to "overuse," stating, "No more will big
tech companies train foreign workers. They have to pay the government $100,000;
then pay the employee—it's just not economic-- Train Americans instead."
Trump echoed this, claiming major firms like Amazon, Microsoft, and Meta are
"on board" and that the policy ensures only "truly
exceptional" talent enters, while generating $8-10 billion annually for
U.S. workforce training. White House Staff Secretary Will Scharf added that it
addresses the program's "abuse," prioritizing roles unfilled by U.S.
workers.
The
H-1B program, capped at 65,000 visas plus 20,000 for advanced-degree holders,
has long been a lifeline for U.S. innovation, with employers previously paying
modest fees (around $2,000-5,000 per application). Now, the $100,000 per
year—potentially totaling $300,000-$600,000 over a visa's 3-6 year
lifespan—shifts the economics dramatically, likely slashing approvals by 30-50%
and prompting offshoring.
Why This Hits Indian Workers Hardest
Indians
dominate the H-1B landscape: In FY24, they secured 72% of approvals (over
377,000 petitions filed), far outpacing China's 12%, fueling the "brain
drain" from India's IT hubs like Bengaluru and Hyderabad. Firms like TCS,
Infosys, and Wipro—giant employers of Indian talent—filed over 20,000 H-1Bs in
the first half of 2025 alone, while U.S. Big Tech (Amazon: 12,000+ approvals;
Microsoft/Meta: 5,000+ each) relies on them for software, AI, and cloud roles.
The fee, borne by employers but often offset by lower wages for visa holders
(averaging $60,000-$100,000 vs. $120,000+ for Americans), could make
sponsorships untenable for mid-level roles.
Key Impacts on Indian Professionals
The
ripple effects are multifaceted, blending economic, career, and systemic
challenges:
·
Fewer
Sponsorships and Job Opportunities: Smaller firms and
startups—key entry points for fresh graduates—may abandon H-1B hiring
altogether, as the fee dwarfs their budgets. Even giants could pivot to
domestic training or offshoring to India, where talent costs 30-50% less.
Entry- and mid-level engineers (e.g., in routine coding or support) face the
sharpest cuts, while niche experts in AI/ML or cybersecurity might still
qualify if deemed "irreplaceable." Projections suggest a 40% drop in
Indian H-1B approvals by FY2026, stranding thousands in the visa lottery
backlog.
·
Wage
Suppression and Exploitation Risks: Critics argue the program
already enables underpayment; the fee could exacerbate this, with employers
demanding concessions from workers to offset costs. Indian H-1B holders, often
on 3-year visas renewable once, report earning 10-20% less than peers due to
"visa dependency," heightening vulnerability to layoffs (as seen in
2023 tech cuts). Trump's accompanying order to revise prevailing wage rules
could raise minimums to $100,000+, but only for "extraordinary"
roles, leaving many in limbo.
·
Green
Card Delays and Family Strain: With H-1B as a bridge to
permanent residency, the fee delays green cards for Indians mired in 10-20 year
backlogs (per-country caps). Families—spouses on H-4 visas often barred from
work—face prolonged uncertainty, with children aging out of dependent status.
This could accelerate "reverse brain drain," pushing talent back to
India's booming tech scene.
·
Broader
Economic and Sectoral Shifts: Indian IT exports to the
U.S. ($50 billion+ annually) could shrink 15-20%, hitting GDP growth and
remittances ($100 billion+ yearly). Sectors like healthcare and research,
reliant on Indian doctors/engineers, may see talent shortages, while U.S.
innovation lags—echoing first-term restrictions that cost 100,000+ jobs. The
"Gold Card" offers a pricey workaround ($1-2 million for
ultra-high-net-worth individuals), but it's inaccessible for most middle-class
Indian aspirants.
Industry and Policy Backlash
Tech
leaders are divided: Elon Musk (Tesla) supports reform for
"essential" talent, but others like Sundar Pichai (Google,
Indian-origin) warn of competitiveness erosion. The U.S. Chamber of Commerce
decries it as a "tax on growth," projecting 0.5-1% GDP drag. Legal
hurdles loom—immigration experts question its legality, as Congress sets fees
for adjudication costs only, teeing up ACLU challenges. For India's government,
this complicates BTA talks amid 50% U.S. tariffs and Chabahar tensions—visa
reciprocity was a key ask. NASSCOM, India's IT lobby, called it
"regressive," urging bilateral fixes. In summary, while elite Indian
talent may endure, the fee erects a financial moat around the American Dream
for the masses, potentially reshaping global mobility and U.S.-India ties. As
one analyst quipped, "It's not a visa—it's a luxury good now- Watch for
court battles and midterm fallout as the policy unfolds.”
Potential Impacts of Trump's $100K
H-1B Visa Fee on the Indian Economy and Stock Markets
President
Donald Trump's September 19, 2025, proclamation imposing a $100,000 annual fee
on new H-1B visa petitions—effective September 21—targets what the
administration calls "abuse" of the program, which brings 85,000
skilled foreign workers annually to the U.S. With Indians holding 70-72% of
H-1B visas (over 377,000 petitions in FY2024), the policy could significantly
disrupt India's $50 billion+ IT services exports to the U.S., remittances ($100
billion+ annually), and talent mobility.
Projections
suggest a 30-50% drop in approvals, accelerating offshoring and domestic hiring
but risking short-term GDP drag (0.2-0.5% in FY26) via reduced exports and
consumer spending. Stock markets, already volatile from U.S. tariffs (50% on
Indian exports) and Chabahar sanctions, saw IT shares dip ~5% on September 20,
late US session.
Macroeconomic Impacts:
Overall,
it may affect 0.5% of GDP, causing higher unemployment, but also lower
inflation due to lower inbound remittances (cash flow); but higher USDINR may
also boost imported inflation.
·
Export
Revenue Hit: India's U.S. IT services exports (76% of
total software exports) could shrink 15-20% ($7.5-10 billion annually) as firms
like TCS, Infosys, and Wipro—top H-1B sponsors—face sponsorship costs totaling
$300,000-600,000 per worker over 3-6 years. This exacerbates the trade deficit
($45B U.S. surplus with India) and slows FY26 GDP growth from 7% to 6.5-6.8%,
per NASSCOM estimates.
·
Remittances
and Consumption: H-1B workers remit $20-25 billion yearly; delays
or denials could cut this by 10-15%, denting urban consumption (e.g., autos,
durables) and retail sales in IT hubs like Bengaluru and Hyderabad. Rural/Urban/NRI
inflows (via family ties) may dip, pressuring FMCG, real estate, and agri
sectors.
·
Talent
Reverse Flow and Upside: A "brain gain" could
emerge, with 20,000-30,000 skilled returnees boosting startups (e.g., AI,
fintech) and domestic R&D, adding 0.1-0.2% to long-term growth via
innovation clusters. However, short-term unemployment in IT (5-7% rise) could
strain social spending.
·
BTA
Complications: Amid stalled Bilateral Trade Agreement
talks, this adds leverage loss for India on visa reciprocity, potentially
delaying tariff relief and worsening export slumps (14% drop in August).
Impacts on Key Sectors:
The
policy disproportionately affects export-oriented and talent-dependent sectors,
with ripple effects on domestic demand. IT bears the brunt, but real estate
faces indirect pressure from reduced NRI spending. The $100K annual H-1B visa
fee imposed by President Donald Trump on September 19, 2025, is expected to
significantly impact several key sectors of the Indian economy, with varying
degrees of disruption and potential for adaptation. The IT services sector, a
cornerstone of India's economy contributing approximately 8% to GDP, faces the
most immediate and severe effects.
IT export service/outsourcing-direct
heavy impact
With
a projected 40% drop in H-1B visa approvals, IT services exports to the U.S.,
valued at over $50 billion annually, could decline by 15-20%, translating to a
$7.5-10 billion revenue loss. Major firms like TCS, Infosys, Wipro, and HCL,
which rely heavily on H-1B visas for client-site deployments, are anticipated
to see their margins contract by 2-5% due to increased costs of hiring in the
U.S. or offshoring operations back to India. This could result in a GDP
reduction of 0.3-0.5% for FY26. These IT stocks may slide by over 10-15% in the
short term as a knee-jerk reaction.
Real Estate-Indirect impact-mixed
The
real estate sector, accounting for about 7% of GDP, is poised for indirect but
notable impacts. A 10-15% reduction in NRI remittances and FDI, driven by fewer
H-1B approvals and returning tech professionals (estimated at 20,000-30,000),
could soften demand in the premium housing segment by 5-8%, particularly in IT
hubs like Mumbai and Bengaluru. This may lead to a 2-3% drop in rental yields
in tech corridors. Stocks like DLF and Godrej Properties may see an adverse
impact as NRI sales, which constitute 15% of the luxury market, face risks.
However, a potential upside exists as returning talent could boost mid-tier
housing demand in Tier-2 cities, mitigating some losses. Overall, the sector
may see a 0.1% GDP drag in FY26.
Financials: Indirect-mixed impact
The
banking, financial services, and insurance (BFSI) and consulting sectors,
reliant on H-1B workers for global operations, are expected to face a 10-15%
reduction in hiring, particularly for firms like Cognizant. Fintech startups
may lose their global talent edge, and remittance-linked lending could dip,
contributing to a 0.1-0.2% GDP impact. Stocks like HDFC and ICICI remained flat
but adopted a cautious outlook due to exposure to NRI loans.
Healthcare/Pharma: Direct/Indirect
impact-Moderate
The
healthcare and pharmaceutical sector, where Indian doctors and engineers make
up 10% of H-1B holders, may experience slower U.S. R&D collaborations,
potentially delaying $10 billion+ in drug exports. However, the sector's impact
on GDP is expected to be neutral to a modest -0.05%, with firms like Sun Pharma
maintaining export resilience despite a narrower talent pipeline.
Automobiles/Consumer durables:
Direct/Indirect moderate impact
The
automotive and consumer durables sector could see a 5-7% sales drop due to
reduced urban IT household consumption, affecting companies like Maruti and
Tata Motors. Exports of EV and tech components may also face headwinds,
contributing to a 0.1% GDP reduction. The combined economic toll across these
sectors could shave 0.3-0.7% off India's GDP in FY26, though long-term gains
from reverse migration and domestic tech growth may offset some losses.
Conclusions
Overall,
the H1B Visa fee poses a near-term headwind (0.3-0.7% GDP shave) but could
catalyze India's self-reliance in tech/realty via reverse migration. Markets
may stabilize if waivers emerge or legal challenges (e.g., ACLU suits) delay
implementation. But overall, Trump’s tone was softer than that of his Commerce
Secretary and a known policy hawk Lutnick, which may pave the way for some
compromise with ‘Great Friend’ Modi/India. At the same time, other developed IT-savvy
countries like the UK, Germany/EU, and Canada may take similar H1B Visa actions
on foreign workers for growing domestic political compulsions, increasingly
nationalistic sentiment and various economic issues.
Technical
outlook: Nifty Future, Bank Nifty Future, and USDINR
Looking
ahead, whatever may be the narrative, technically Nifty
Future (CMP: 25500) now has to sustain over 25650-25850 for a further
further rally to 26000 and 26100/26300-26400/26500; otherwise, sustaining below25600-500,
may slip to 25250/25050-24900/24750 and further to 24600/24500-24400/24300 and
24000 and 23600/23350*-23900/23750 and 23400*/23100-22600/22200 and further
22000-21700* the coming days.
Technically,
Bank Nifty Future (55650) now has to sustain over 56300-56600 for a rally to 57000/57900 and only
after sustaining 58100, may further rally to 58500/58900-60500/61000 and a
further 61500-65750 in the coming days; otherwise, sustaining below 56000/55500-55300,
BNF may again fall towards 55000-54900 and 54500/53900*-53500*/53000 and
52500*-52000/51500 and further 51000/50500-50000/49700 and 49200-47700 in the
coming days.
Technically,
USDINR-I now (88.25) has to sustain over
88.00 for a further rally to 88.50/88.75*-89.00/89.50 and
90.00/90.50-91.00/91.50 and 92.50-94.50 in the coming days; otherwise,
sustaining below 87.50-87.00, USDINR may again fall to 86.50/86.00-85.50/85.00
and 84.00-83.50 in the coming days.
