Nifty: Nifty yesterday after the positive opening at 4623 failed to cross the lower support of 4600 and on the higher side it tested the level of 4721 where the closing was also seen at days high. Today as the Asian market is trading negative it’s expected that Nifty will open gap down around 4680 where on lower side will take immediate support of 4650 and sustain below 4650 will bring to 4580 to 4500 in near term, whereas on higher side its not expected to trade above 4750 and till the time its holding 4750 selling will continue in market. On lower side if sustain trading is seen below 4500 will open the door for 4300 to 4100 in medium term, whereas on higher side resistance is seen at 4750. Stochastic has just popped out above over sold zone and is flat at the level where some range bounce move is expected till the time resistance is holding and may look some selling pressure if trading is seen below 4650 and will reenter in oversold zone.


USD/INR: Rupee yesterday after the gap down opening at 52.92 failed to trade above 53 and on lower side it tested the level of 52.51 where most of the trading was range bound and closing was seen near 52.67 levels. Today opening was seen positive around 52.92 per$ where it’s still taking resistance of 53 and is trading negative at 52.82 where trading range for the day will be 52.5 and 53 where as on lower side buying is expected if support holds at 52.5 and crossover above 53 will bring to 53.5 – 54 in near term. In short term trading range bound to upside move is expected where it will move slowly to test 54 again and 54.5 in medium terms where buying at dips is advice in medium term for positional traders. Stochastic which are trading in the mid zone is showing sign of reversal with positive intersecting which indicates if price move above 53 short term bottom is place and can test 45 and 54.5 level and will move beck to enter in over bought zone.