Nifty: Nifty yesterday after the gap down opening at 4590 tested the lower level of 4559 and after range bound move closing was seen at 4612 after testing the higher level of 4631 where the gap was filtered. Today as the Asian market is trading sideways and it’s expected that Nifty will open sideway where on lower side will take immediate support of 4550 and sustain below 4550 will bring to 4480 to 4350 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 yesterday after the gap down opening at 52.91 failed to trade below the same and on higher side it tested the level of 53.36 where most of the trading was range bound and closing was seen near 53.07 levels. Today opening was seen positive around 53.17 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 52.8 per$ support and on higher side immediate resistance is seen at 54.5 and some consolidation move is expected. In short term trading range bound to upside move is expected where it will move slowly to test 54 again and 54.5 in near term where buying at dips is advice in medium term positional traders. 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.
