Nifty: Nifty yesterday after the gap down opening at 4793 tested the previous days high at 484 and reverted form the higher level and the low was posted at 4748 and closing was also seen near the days low. Today as the Asian market is trading negative and it’s expected that Nifty will open negative where on lower side will take immediate support of 4700 and sustain below 4700 will bring to 4550 to 4500 in near term, whereas on higher side its not expected to trade above 4800 and till the time its holding 4800 selling will continue in market. Today’s trading range will be 4750 resistance and support of 4620 and trading below 4700 will bring to 4660 – 4620 intraday. On lower side if sustain trading is seen below 4600 will open the door for 4510 to 4400 in medium term, whereas on higher side resistance is seen at 4800. Stochastic has drifted below overbought zone and is trading towards lower zone where further selling in the price is expected in near to medium term.
USD/INR: Rupee yesterday which open gap up at 53.7 per$ traded positive and tested the high of 54.09per$ but after slight correction at higher level closing was seen at 53.91per$, still above the support level of 53.5per$. Today opening is expected positive around 54.1 per$ where it failed to cross the lower level of 53.8 per$ and is expected to trading at 54.2 per$ to 54.6 per$ intraday and is nearing the resistance of 54.3per$. If sustain trading is seen above 54per$ will bring to higher level of 54.5per$ to 55 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 53.5 per$ on closing basis and any dip will be buying opportunity where on higher side if sustain trading above 54per$ will spark the higher target of 55 per$ to 56 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.
