Nifty: Nifty yesterday after the gap down opening failed to cross the higher resistance level of 5400 and reverted from 5375 level where low of the day was posted at 5332 and closing was also seen at day’s low. Today as the Asian market are trading negative market are likely to open negative and immediate support is seen at 5300 and further trading below 5300 will bring to 5250 in intraday, whereas on higher side resistance is seen at 5350 and crossover above the same will bring back to 5400 level. Nifty if fails to cross the higher resistance level of 5400 will bring back to lower support of 5320 and further below 5300 closing will come to 5150 as next support, where as further crossover above 5400 will confirm the uptrend to test 5500 level soon. Stochastic has just entered in overbought zone and is showing sign of negative intersection where only trading below 80% zone will bring it further down side where selling pressure in prices can be seen.
USD/INR: Rupee is taking support at 48.5 per$ to 48.6per$ area and bounce is seen from the lower level where on higher side immediate resistance is seen at 49.1 per$. Today the opening at 48.65 per$ but fails to cross the lower support of 48.5 per$ level. On higher side if sustain trading is seen above 49 will bring to 49.4 to 49.8 $, further above 50 per$ will bring to 52 to 53.5per$ in near to medium term which is expected target till the time 48.5$ holds on closing basis. I expect it to move upside beyond 50 in near to medium term for higher target. Dollar index which traded above 76 and was holding the support level of 76 and is trading at 76.55 where some range trading is expected where 76.4 is support and 77.4 is the resistance level. Rupee is expected to trade in range of 48.7per$ to 49.3per$ for the day. Stochastic has just reverted from the oversold zone and is flat near 15% zone indicating some side way move to continue.
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