VIEW ON NIFTY
Nifty: Nifty yesterday after gap down opening below 4768 from the previous closing of 4810 failed to trade below 4750 and reversal in prices were seen where closing was seen at 4841 near day high but just below the resistance of 4880 level. Today as the Asian market is trading sharply up due to yesterday announcement in US session regarding the world Central Bank agreeing to provide the liquidity in the market where US indices were up by nearly 4%, Nifty is expected to open near 5000 market where on lower side immediate support is seen at 4940 and till the time this support hold short covering in market may be seen and will move and test 5060 – 5080 immediately. On lower side if sustain trading is seen below 4940 will open the door for 4880 to 4800 in medium term, whereas on higher side resistance is seen at 4550. Stochastic which has popped up above 20% zone is expected to trade flat and if only above 5000 will move in overbought zone where buying may be seen and market will move up.
VIEW ON RUPEE
USD/INR: Rupee yesterday after taking support of previous days low of 52.20 has given positive closing near 52.47 where on higher side it tested the level of 52.71 level. Today opening is seen negative below 52per$ is trading at 52.05 per$ where lower side support is seen at 51.8 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
Nifty: Nifty yesterday after gap down opening below 4768 from the previous closing of 4810 failed to trade below 4750 and reversal in prices were seen where closing was seen at 4841 near day high but just below the resistance of 4880 level. Today as the Asian market is trading sharply up due to yesterday announcement in US session regarding the world Central Bank agreeing to provide the liquidity in the market where US indices were up by nearly 4%, Nifty is expected to open near 5000 market where on lower side immediate support is seen at 4940 and till the time this support hold short covering in market may be seen and will move and test 5060 – 5080 immediately. On lower side if sustain trading is seen below 4940 will open the door for 4880 to 4800 in medium term, whereas on higher side resistance is seen at 4550. Stochastic which has popped up above 20% zone is expected to trade flat and if only above 5000 will move in overbought zone where buying may be seen and market will move up.
VIEW ON RUPEE
USD/INR: Rupee yesterday after taking support of previous days low of 52.20 has given positive closing near 52.47 where on higher side it tested the level of 52.71 level. Today opening is seen negative below 52per$ is trading at 52.05 per$ where lower side support is seen at 51.8 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
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