Nifty: Nifty this was in down trend Fridays opening was seen at 4895 level and attested the lower level of 4845 where as buying was seen at lower level where closing was seen at days high at 4221 level. Today as the Asian market is trading flat to negative where Nifty is expected to open below 4880 and will move to test immediate support of 4850 and if sustain trading below 4850 will bring to 4770 – 4720 level in near term. On lower side if sustain trading is seen below 4700 will open the door for 4500 in near term, whereas on higher side resistance is seen at 5000 and till the time resistance is holding we expect it to continue the down trend in market and can wait for lower expected target of 4500 in medium term. Stochastic which were in down trend just below 20% zone where further down side move expected in near to medium term time frame.
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USD/INR: Rupee which is in uptrend is facing short resistance at 51.50 per$ and yesterday after testing higher level of 51.50 closing was seen at 51.47 where days low was posted at 51.1 per$. Today’s after gap up opening near 51.51 per$ crossing the resistance at 51.5 per$ and will be in uptrend move where on lower side it’s not expected to trade below 51.3 per$ on closing basis and any dip will be buying opportunity where on higher side if sustain trading above 51 will spark the higher target of 51.75 per$ to 51.95 per$ immediately. Dollar index is trading just above 78 level at 78.25 and is taking support at 77.8 and is expected to continue the uptrend where on higher side 78.5 and 79 can be the expected target. Rupee is expected to trade in range of 51.5 per$ to 51.9$ for the day with buying at dips advise. Stochastic are trading just entered in overbought zone with positive intersection where some rise in price is expected.
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