Nifty: Nifty yesterday after the gap down opening at 4715 tested the lower support of 4665 and failing to cross the lower level of 4650 reversal in price was seen where on higher side it tested the level of 4780 and closing was seen at 4763 level. Today as the Asian market is trading sideway to positive and it’s expected that Nifty will open positive where on lower side will take immediate support of 4725 and sustain below 4725 will bring to 4680 to 4620 in near term, whereas on higher side its not expected to trade above 4820 and till the time its holding 4820 selling will continue in market. Today’s trading range will be 4820 resistance and support of 4660 and trading below 4770 will bring to 4720 – 4660 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 near all time high of 54.4 tested the level of 54.5 as expected the higher was posted and closing was seen at 53.8per$ at day’s low where some RBI intervention was seen in market just below 55 per$ mark. With the same RBI intervention it’s expected to test the level of 52 once and below 51.5 per$ can be tested before fresh trend to commenced where trading range will be 51.5 to 53 for short term. Today opening is expected negative around 53 per$ where it trades below 53 will test 52.5 to 52 in near term. For short term rupee is expected to trade in the lower range of 51per$ support and on higher side immediate resistance is seen at 54.5 and some consolidation move is expected. Stochastic has reverted from the higher zone with negative intersection and is trading at 70% zone with negative intersection where selling can be expected in near term.
