Nifty: Nifty yesterday after the gap down opening at 5261 failed to cross the lower support level of 5250 and reverted from lower level testing higher level of 5332 level where days high was posted and closing was seen at days low around 5254 level. Today as the Asian market are trading negative market are likely to open negative and immediate support is seen at 5250 and further trading below 5250 will bring to 5180 and 5150 in intraday, whereas on higher side resistance is seen at 5300 and crossover above the same will bring back to 5350 level. Nifty if fails to cross the higher resistance level of 5350 will bring back to lower support of 5250 and further below 5250 closing will come to 5000 as next support in coming days, where as further crossover above 5350 will confirm the uptrend to test 5500 level soon. Stochastic has just reverted from overbought zone and is showing negative intersection where is trading below 80% zone will bring it further down side where selling pressure in prices is expected.USD/INR: Rupee yesterday just traded below the immediate support of 49.1 and reverted from the lower level and tested the days high at 49.42 where at the end of the session some profit booking was seen and closing was seen at 49.18 level. Today’s after gap down opening near 49.17 failed to trade below 49.1 and is currently trading at 49.4 where is nearing the resistance of 49.5 and further upside is expected to test the level of 49.7 – 49.9 immediately in few days. If sustain trading is seen above 49.42 will bring to 49.6 to 49.95 $, further above 50 per$ will bring to 52 to 53per$ in near to medium term which is expected target till the time 49$ 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 77 and was holding the support level of 76.8 and is trading at 77.3 where some range trading is expected where 77 is support and 77.7 is the resistance level. Rupee is expected to trade in range of 49.2per$ to 49.7per$ for the day with buying at dips advise. Stochastic has just reverted from the oversold zone and is trading at 50% zone indicating some upside way move to continue.
