Nifty: Nifty yesterday after the gap down opening at 4753 tested the lower support of 4735 and did not sustain to trade below 4720 support and in the last half an hour of trading it rose by 100 points giving closing at 4834 at days high. Today as the Asian market is trading negative and it’s expected that Nifty will open on a downtrend where on lower side will take immediate support of 4700 and sustain below 4700 will bring to 4550 to 4500 in near term, whereas on higher side its not expected to trade above 4850 and till the time its holding 4850 selling will continue in market. Today’s trading range will be 4800 resistance and support of 4700 and trading below 4700 will bring to 4660 – 4620 intraday. On lower side if sustain trading is seen below 4600 will open the door for 4510 to 4400 in medium term, whereas on higher side resistance is seen at 4800. 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.
VIEW ON RUPEE
USD/INR: Rupee yesterday which open gap up at 53.2 per$ traded positive and tested the high of53.68per$ but after slight correction at higher level closing was seen at 53.41per$, still above the support level of 53.2per$. Today opening is expected positive around 53.55per$ where it failed to cross the lower level of 53.2 per$ and is expected to trading at 53.7 per$ to 54per$ intraday and is nearing the resistance of 54per$. If sustain trading is seen above 54per$ will bring to higher level of 54.5per$ to 55 per$ which will be just the extension target of the rise what we have been seen in past days. Where on lower side it’s not expected to trade below 53.2 per$ on closing basis and any dip will be buying opportunity where on higher side if sustain trading above 54per$ will spark the higher target of 55 per$ to 56 per$ in near term. Stochastic has reverted from the lower zone with positive intersection and is trading at 60% zone with positive intersection where buying can be seen in near term.
Report By
xDirect India
Indian benchmark indices are likely to open lower on Thursday, tracking weak cues from Nifty futures on the Singapore Stock Exchange and soft cues from global peers.capitalstars
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