VIEW ON NIFTY
Nifty: Nifty after the positive opening at 4767 just reverted fromn the higher level of 4770 and on lower side it tested the low of 4695 and closing was seen at the level of 4720 just above the support level of 4700. Today as the Asian market is trading flat to positive with the international market on Holiday mood, nifty is expected to open positive and trading will be seen in the range of 4770 resistance and support will be seen at 4680 and if it fails to cross 4770 and 4800 level selling may be seen from higher level where 4700 can be retested. On lower side if sustain trading is seen below 4740 will open the door for 4680 to 4600 in near term, whereas on higher side resistance is seen at 4780. Its not expected to cross the higher resistance of 4800 and till the time its holding the same selling at rise is advisable, where in medium term 4350 is the target which is 100% expansion of a- b from point c and can also test 3900 which comes to 161.8% in medium term. Stochastic are trading in the mid zone where its still showing upside move where if the price cross 4800 will enter in over bought zone where as if support is broken will become side way for further confirmation of trend.
VIEW ON RUPEE
USD/INR: Rupee on Friday after the opening at 52.7 fails to trade below 52.7 and reversal in price was seen where on higher side it tested the level of 52.99 where 53 was the resistance seen in market, closing was seen at the higher level of 52.97. Today opening was seen sideway around 52.9 per$ where some range bound move is expected where on higher side resistance is seen at 53 per$ and on lower side support is seen at 52.8 per$ where is the support of 52.5 holds buying at dips is advise and will test 53.2 and above 53.2 will move to 53.4 in near term. In short term trading range bound to upside move is expected where it will move slowly to test 54 again and 54.5 in medium terms where buying at dips is advice in medium term for positional traders. Stochastic are nearing the oversold zone with positive intersection where if the price move above 53 will move towards higher zone where some buying may be seen for higher level.
Report By
xDirect India
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