Nifty:
Nifty yesterday after sharp gap up opening at 5002 just above the resistance level failed to sustain above and after consolidation at 4980 to 4995 range tested the lower level of 4934 and closing was seen at 4954 level. Today as the Asian market is trading flat and its expected that Nifty will open side way and will be trading in the range of 4970 and support of 4940 and trading below 4940 will bring to 4880 – 4820 on lower side. Whereas on higher side resistance is seen at 5000 level and closing above the same will only bring further uptrend in market. On lower side if sustain trading is seen below 4800 will open the door for 4700 to 4600 in medium term, whereas on higher side resistance is seen at 5000. Stochastic which has popped up above 40% 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 gave a sharp gap down opening below 52per$ where facing resistance at 52.8 was tested the lower level of 51.63 and closing was seen at 51.71 near the lower level. Today opening is seen flat around 51.7per$ where it failed to cross the higher level of 52per$ and is trading at 51.55per$ nearing the support of 51.5per$. if sustain trading is seen below 51.5 will bring to lower support of 51per$ to 50.6per$ 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 50 per$ on closing basis and any dip will be buying opportunity where on higher side if sustain trading above 52 will spark the higher target of 52.8 per$ to 53 per$ in near term. Stochastic are trading just drifted below 20% 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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