Nifty: Nifty yesterday after the flat opening at 4706 failed to trade above 4725 and on lower side after crossing the level of 4680 it tested the days low at 4663 and closing was also seen near the lower level of 4669. Today as the Asian market is trading positive and as the international market there is low volume just before the year and closure of the books we expect nifty to trading in the range where higher side resistance is seen at 4720 and lower side support is expected at 4660 level. On lower side if sustain trading is seen below 4660 will open the door for 4400 to 4200 in near term, whereas on higher side resistance is seen at 4775 on closing basis. It’s not expected to cross the higher resistance of 4800 and till the time its holding the same selling at rise is advisable, where in medium term 4350 is the target which is 100% expansion of a - b from point c and can also test 3900 which comes to 161.8% in medium term. Stochastic has just nearing the overbought zone and if the resistance is taken at 4800 will turn negative and will move back to lower zone.
USD/INR: Rupee yesterday closing was seen positive at the level of 53.68 where it tested the higher level of 53.8 and short profit booking at high was seen. Today opening was seen negative around 53.6 per$ where some positive move is expected where on lower side support is seen at 53.5 per$ and on higher side immediate resistance is seen at 54 per$ where till the time support of 53.5 holds buying at dips is advise around 53.6 per$ and will test 54 and above 54 per$ will further move to 54.4 in near term. In short term trading range bound to upside move is expected where it will move slowly to test 54 again and 54.5 in medium terms and long term target of 58 cannot be denied where buying at dips is advice in medium term for positional traders. Stochastic which has given positive intersection near lower zone which indicates price will rise side way to upside and higher target can be tested soon.
