Nifty: Nifty yesterday which opened gap up above 100 DMA at 5237 and after opening correction started where it traded below 5200 and tested the lower level of 5146 and closing was also seen at days low? Today as the Asian market is trading flat and negative where Nifty is expected to take support at falling trend line of 5125 level. Short bounce can be expected which can be used as a selling opportunity where near term resistance is seen at 5215 level and till the time this resistance hold selling is advise around 5160 – 5180 level. in the last trading session after the gap down opening. On lower side if sustain trading is seen below 5120 will bring to 5070 to 5000 level in near term. Immediate resistance is seen at 5200 and its expected to hold the resistance level and we maintain bearish view where 5000 is the next target and below 5000 can also test 4700 level in medium term. Stochastic which were in down trend just below 20% zone has given negative intersection and if the resistance is holding may again turn negative.
USD/INR: Rupee in the previous session which open at 50.10 per$ hold lower level support of 50 per$ and sharp reversal in price were seen and traded above 50.25 and tested days high of 50.57 per$ and closing was also seen near the higher level at 50.48 per$. Today’s after gap up opening near 50.54 per$ slight if sustain trading above 50.6 per$ is seen will give a fresh breakout in market where uptrend will continue and will move to test 50.9 per$ immediately. Rupee will give a Bull Flag Pattern Breakout if todays closing is seen above 50.65 per$ where in near term 52 per$ to 55 per$ will be the target. Dollar index is trading just above 77.5 level at 77.58 and is taking support at 77 and if some reversal in price is expected where on higher side 77.8 and 78.4 can be retested. Rupee is expected to trade in range of 50.55 per$ to 50.95per$ for the day with buying at dips advise. Stochastic are trading just below overbought zone with positive intersection where some rise in price is expected.
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