Nifty & USD/INR Report 25th November, 2011

VIEW ON NIFTY

Nifty: Nifty yesterday after the gap up opening at 4713 taking support of 4650 level and reverted from the lower level where at the end of the trading session some uptrend was seen where closing was seen at 4774 with the days high was posted at 4796 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 negative where Nifty is expected to open below 4730 and will move to test immediate support of 4700 and if sustain trading below 4700 will bring to 4640 and 4610 level in immediately. On lower side if sustain trading is seen below 4600 will open the door for 4500 to 4300 in near term, whereas on higher side resistance is seen at 4800 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 the gap up opening where resistance is seen at 52.60 and yesterdays closing was seen at 52.115 per$. Today opening is seen at 52.26 with gap up opening and is trading at 52.23 per$ 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 near overbought zone with positive intersection where some rise in price is expected.

Report By:

xDirect India