Nifty: Nifty yesterday after the positive opening at 4633 failed to cross the higher resistance of 4650 and tested the lower level of 4536 and after range bound move closing was seen at 4564. Today as the Asian market is trading positive and it’s expected that Nifty will open gap up around 4630 where on lower side will take immediate support of 4610 and sustain below 4610 will bring to 4560 to 4520 in near term, whereas on higher side its not expected to trade above 4680 and till the time its holding 4680 selling will continue in market. Today’s trading range will be 4680 resistance and support of 4520 and trading below 4610 will bring to 4560 – 4520 intraday. On lower side if sustain trading is seen below 4500 will open the door for 4300 to 4100 in medium term, whereas on higher side resistance is seen at 4680. 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 up opening at 53.17 failed to trade above the same and on lower side it tested the level of 53.07 where most of the trading was range bound and closing was seen near 53.07 levels. Today opening was seen negative around 52.92 per$ where it trades above 53 will test 53.5 to 54 in near term where as on lower side will move and test the level of 52.5 and 51.8 before reversal. . For short term rupee is expected to trade in the lower range of 52 per$ support and on higher side immediate resistance is seen at 53.5 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.
