Nifty: Nifty yesterday after the gap down opening failed to trade below previous day low and on higher side 4775 was tested where the closing was around the level of 4754 and flat trading was seen through out the day. Today as the Asian stock markets as Japan emerged from a Monday holiday to trade on better-than-expected U.S. jobs data that broke last Friday, and also Reports that European leaders remain united in keeping the currency zone intact also bolstered Asian equities markets. On lower side if sustain trading is seen below 4720 will open the door for 4680 to 4620 immediately, where as further 4200 can be expected in near term, whereas on higher side resistance is seen at 4780 on closing basis. It’s not expected to cross the higher resistance of 4850 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 which has reverted from the overbought zone is just below 80% zone and is expected to give short correction in market.
USD/INR: Rupee last trading session closing was seen at 52.8 and on higher side 53.05 was the resistance taken and was trading negative as some buying pressure is seen at the level of 52.75 around. Today opening was seen down side around 53.75 per$ with the spike where some negative move is expected where on lower side support is seen at 52.2 per$ and on higher side immediate resistance is seen at 53 per$ where till the time support of 52 per$ holds buying at dips is advise around 52.25 and above 52.6 per$ will further move to 53 in near term. In short term trading range bound to down move is expected where it will move slowly to test 52.2 per$ and on higher side resistance is seen at 53 per$. Stochastic which has given negative intersection near lower zone which indicates price will move side way to down side and lower target can be tested soon.
