Rupee Over View 12 Dec. 11

USDINR Buy @ 52.3 Stop @ 52.15 tgt 52.5 - 52.7 per$..

Rupee on Friday closing was seen around the level of 52.25 per$ and on lower side low was tested at 52.18 per$, on higher side it has tested the level of 52.55per$ but failed to hold higher ground and correction was seen. Today opening is seen flat around 52.25per$ where it failed to cross the lower level of 52.15 per$ and is trading at 52.34per$ nearing the resistance of 52.4per$. If sustain trading is seen above 52.4 will bring to higher level of 52.8per$ to 53.26per$ which will be just the retracement of the rise what we have been seen in past days. Where on lower side it’s not expected to trade below 52.16 per$ on closing basis and any dip will be buying opportunity where on higher side if sustain trading above 52.5 will spark the higher target of 52.8 per$ to 53.5 per$ in near term. Stochastic has reverted from the lower zone with positive intersection and is trading at 60% zone with positive intersection where buying can be seen in near term.