Rupee Overview 13th Dec

Buy @ 53.3 stop @ 53 tgt 53.55 - 53.8 intrday

Trading and sustain above 53 will bring to 53.9 - 54.4 - 55 in near term, where we are buying from 51.5 level and expect to halt at 55 around. CMP is 53.5 and hold long advise

USD/INR: Rupee yesterday which open at the level of 52.25 per$ failed to trade below 52.2 and traded side way to upsdei for the day and breached the higher resistance of 52.8 and closing was seen above 53 per$ which was the near term highe on closing basis. Today opening is seen positive around 53.2per$ where it failed to cross the lower level of 53 per$ and is trading at 53.36$ nearing the resistance of 53.4per$. If sustain trading is seen above 53.4 will bring to higher level of 53.8per$ to 54.5 per$ which will be just the extension target of the rise what we have been seen in past days. Where on lower side it’s not expected to trade below 52.8 per$ on closing basis and any dip will be buying opportunity where on higher side if sustain trading above 53.4per$ will spark the higher target of 53.8 per$ to 54.5 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.