VIEW ON NIFTY
Nifty: Nifty on Friday after opening at 4688 which was 10 DMA could not trade higher and after trading below previous day low of 4660 it tested the days low of 4613 and closing was just near the lower level of 4624 level. Today as the Asian market are closed not much move is expected in the market where the trading range will be 4660 as higher side resistance and support of 4570 and will expect a selling pressure in the market where lower level support can be tested. On lower side if sustain trading is seen below 4600 will open the door for 4560 to 4520 immediately, where as further 4200 can be expected in near term, whereas on higher side resistance is seen at 4680 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 -ve and will move back to lower zone.
VIEW ON RUPEE
USD/INR: Rupee last Fridays closing was seen at 53.48 which were positive closing and is still holding the support level of 53.2 on closing basis. Today opening was seen positive around 53.65 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 53.84 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 move side way to upside and higher target can be tested soon.
Report By
xDirect India
Nifty: Nifty on Friday after opening at 4688 which was 10 DMA could not trade higher and after trading below previous day low of 4660 it tested the days low of 4613 and closing was just near the lower level of 4624 level. Today as the Asian market are closed not much move is expected in the market where the trading range will be 4660 as higher side resistance and support of 4570 and will expect a selling pressure in the market where lower level support can be tested. On lower side if sustain trading is seen below 4600 will open the door for 4560 to 4520 immediately, where as further 4200 can be expected in near term, whereas on higher side resistance is seen at 4680 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 -ve and will move back to lower zone.
VIEW ON RUPEE
USD/INR: Rupee last Fridays closing was seen at 53.48 which were positive closing and is still holding the support level of 53.2 on closing basis. Today opening was seen positive around 53.65 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 53.84 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 move side way to upside and higher target can be tested soon.
Report By
xDirect India
Shares of RBL Bank advanced as much as 6 per cent in morning trade on Tuesday after block deals on BSE. capitalstars
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