Nifty: Nifty yesterday after gap down opening below 4850 from the previous closing of 4870 failed to trade above 4885 and continued the down trend in market where on lower side it tested the level of 4785 and closing was seen at 4810. 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 4780 and will move to test immediate support of 4720 and if sustain trading below 4700 will bring to 4640 and 4600 level in immediately. On lower side if sustain trading is seen below 4600 will open the door for 4450 to 4300 in medium term, whereas on higher side resistance is seen at 4900 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 yesterday after taking support of previous days low of 52.14 has given flat closing near 52.28 whereon higher side it tested the level of 52.41 level. Today opening is seen flat at 52.31 is trading at 52.40 per$ where lower side support is seen at 52.2 per$ and till the time this support holds we expect it to test 52.5 to 52.7 per$ in immediately. It is expected to 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$ in near term. Stochastic are trading just drifted below overbought zone with negative intersection where is trading flat where range bound to down side move is expected.
REPORT BY
xDirect India
Market opens flat with some negative bias .capitalstars
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