Nifty: Nifty on Friday after testing the level of 4836 days high failed the cross the higher level of 4850 and on lower side it tested the level of 4623 which was 200 points low form the days high, where the sharp selling was seen at the last two hrs. Today as the Asian market is trading sideways to negative and it’s expected that Nifty will open negative where on lower side will take immediate support of 4500 and sustain below 4500 will bring to 4400 to 4300 in near term, whereas on higher side its not expected to trade above 4650 and till the time its holding 4650 selling will continue in market. Today’s trading range will be 4650 resistance and support of 4450 and trading below 4580 will bring to 4500 – 4450 intraday. On lower side if sustain trading is seen below 4450 will open the door for 4300 to 4100 in medium term, whereas on higher side resistance is seen at 4650. 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 on Friday after the gap down opening at 53.2 per$ from the previous closing of 53.82 tested the lower level of 52.28 and closing was seen near the level of 52.8 per$. With the same RBI intervention as expected it test the level of 52.2 once and is expected reversal where again its trading above 53 where trading will move and test 53.5 – 54 again. Today opening was seen positive around 52.8 per$ where it trades above 53.1 will test 53.5 to 54 in near term. For short term rupee is expected to trade in the lower range of 52.5per$ 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.
