Nifty & USD/INR Report 12th December, 2011

VIEW ON NIFTY

Nifty: Nifty on Friday after the gap down opening at 4863 failed to sustain below 4850 level and after testing the days high of 4940 closing was seen near the lower level of 4880 level. The most awaited news and meeting for the euro zone which was announced on Friday where some more time is required to declare the new policy and new agreement can also be signed within the member countries. Today as the Asian market is trading positive and it’s expected that Nifty will open side way and will be trading in the range of 4950 as resistance and support of 4760 on lower side. Whereas on higher side resistance is seen at 4950 level and closing above the same will only bring further uptrend in market. On lower side if sustain trading is seen below 4860 will open the door for 4610 to 4400 in medium term, whereas on higher side resistance is seen at 5150. 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 on Friday closing was seen around the level of 52.25 per$ and on lower side low was tested at 52.18 per$, on higher side it has tested the level of 52.55per$ but failed to hold higher ground and correction was seen. Today opening is seen flat around 52.25per$ where it failed to cross the lower level of 52.15 per$ and is trading at 52.34per$ nearing the resistance of 52.4per$. If sustain trading is seen above 52.4 will bring to higher level of 52.8per$ to 53.26per$ which will be just the retracement of the rise what we have been seen in past days. Where on lower side it’s not expected to trade below 52.16 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 53.5 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