VIEW ON NIFTY
Nifty: Nifty yesterday after gap up opening above 4780 from the previous closing of 4705 continued the uptrend in market where on higher side it tested the level of 4871 and closing was on days high. It’s nearing the resistance level of 4900 and if trading is seen above 4900 will open the door for 5000 level but till the time 4900 is holding it is expected to test 4600 again. Today as the Asian market is trading flat where Nifty is expected to open near 4855 and will move to test immediate support of 4800 and if sustain trading below 4800 will bring to 4720 and 4600 level in immediately. On lower side if sustain trading is seen below 4700 will open the door for 4600 to 4300 in medium 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 has popped up above 20% zone is expected to trade flat and if only above 4900 will move in overbought zone or will reenter in lower zone if trading is seen below 4800 level.
VIEW ON RUPEE
USD/INR: Rupee is trading in the rang in the past few trading session where on lower side it taking support of 52.1 and on higher side not able to cross the level of 52.40per$. yesterday after the opening at 52.40 failed to trade above 52.5 and after testing the level of 52.12 closing was seen at 52.24 per$. Today opening is seen at 52.31 with gap up opening and is trading at 52.22 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
xDirect India
Nifty Midcap lost 0.5 percent as about two shares declined for every share rising.capitalstars
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