Nifty & USD/INR Report 28th November, 2011

VIEW ON NIFTY

Nifty: Nifty on Friday gave a closing at 4705 just above the support level of 4700 on closing basis indicating still the support is holding and short bounce may be expected where on higher side resistance is expected at 4850 level. Its nearing the lower support level of 4700 and if sustain trading is seen below 4700 will open the door for 4300 level. This will be the 2 yrs low which the market will look after august 2009 where 4350 was tested. Today as the Asian market is trading positive where Nifty is expected to open near 4770 and will move to test immediate resistance of 4820 and if sustain trading above 4850 will bring to 4950 and 5000 level in immediately. On lower side if sustain trading is seen below 4700 will open the door for 4600 to 4300 in near term, whereas on higher side resistance is seen at 4850 and till the time resistance is holding we expect it to continue the down trend in market. Stochastic which were in down trend just below 20% zone where further down side move expected in near to medium term time frame.

VIEW ON RUPEE

USD/INR: Rupee which is in uptrend is trading in the range in the past few trading session and is getting selling pressure after near the resistance level at 52.60 and yesterday’s closing was seen at 52.09 per$. Today opening is seen at 52.26 with gap down opening and is trading at 52.10 per$ where lower side support is seen at 52 per$ and till the time this support holds we expect it to test 52.5 to 52.7 per$ in near term. It is expected and will be in uptrend move for 53.5$ where on lower side it’s not expected to trade below 51.8 per$ on closing basis and any dip will be buying opportunity where on higher side if sustain trading above 52.5 will spark the higher target of 52.8 per$ to 53 per$ immediately. Stochastic are trading just drifted below overbought zone with negative intersection where is trading flat where range bounce move is expected.

Report By
XTB INDIA