View On Nifty
Nifty: Nifty yesterday after the Negative opening at 5374 failed to trade above 5410 and reverted where on higher side it tested the level of 5406 and closing was seen at 5223 at the days Low. Asia markets fell Friday amid renewed concerns about global growth, with losses for banks and property firms pushing Hong Kong into the red, while a stronger yen weighed on Japanese exporters. Global markets switched to a risk-off stance this week, led by disappointing global manufacturing numbers. The euro area [data] suggests the economy is still in the woods, as France and Germany look vulnerable to slowdowns. Today as the Asian market are flat and nifty is expected to open sideway and trading range for the day will be 5270 resistance and support of5190 level. On higher side it may test the level of 5250 to 5270 and then after reversal in price may be seen and crossover below 5190 will bring back to 5150 - 5120 level lower side, whereas on higher side resistance is seen at 5295. Stochastic which are trading in the mid zone has give negative intersection and is still nearing 30% where its side way to downside moving and some correction is still expected in near term with yesterday move.
View On USD/INR:
USD/INR: Rupee in last trading session closing was seen at 50.63 where price are trading in the upside moving range in the past few trading session, where the lower side support is seen at 50.4 and resistance of 51 was holding. Today opening is seen at the level of 50.66 where news from Europe, Greece is close to restructuring its debts with private creditors, and although such an agreement will serve as a welcome sigh of relief, much remains to be done to get the bulk of Europe growing again. In short term trading range will be 50.8 supports and 51.5 resistances and will remain side way to upside move in coming days. Stochastic are trading side way which has given positive intersection in lower zone which indicates price will move side way to positive and will in the trading range for some time.
Report By:
xDirect India
