Nifty: Nifty yesterday after the opening at 5052 fails to trade above the higher level of 5070 and tested the lower level of 4936 where the support was seen at 4930 level. The most awaited news and meeting for the euro zone which is expected to be downward will be deciding factor for the further trend in market, if fails to support the euro sharp correction can be expected. Today as the Asian market is trading downtrend and it’s expected that Nifty will open -ve and will be trading in the range of 4900 as resistance and support of 4760 on lower side. Whereas on higher side resistance is seen at 4920 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 yesterday which gave a flat opening at 51.95 per$ failed to trade further lower and reversal in price was seen in market where on higher side it gave a closing at 51.96 per$ which was just near opening level. Today opening is seen gap up at 52.41per$ where it failed to cross the lower level of 52.2 per$ and is trading at 52.38per$ nearing the resistance of 52.5per$. If sustain trading is seen above 52.5 will bring to higher level of 52.8per$ 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
XTB India
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