VIEW ON NIFTY
Nifty: Nifty last Friday after the downward opening at the level of 4738 tested the lower level of 4690 and after crossing the resistance of 4800 and testing the level of 4818 closing was seen below the resistance of 4800 around the level of 4779. Today as the Asian market trading downward with the growing fear of the European Debt crisis will not get any short term exit signal on the way down. While fears may be ebbing that Iran will make good on threats and close the Strait of Hormuz, and while U.S. economic indicators illustrate a firming labor market and improved manufacturing output, Europe's uncertainty served as the markets' primary steering current. On lower side if sustain trading is seen below 4750 will open the door for 4680 to 4620 immediately, where as further 4200 can be expected in near term, whereas on higher side resistance is seen at 4850 on closing basis. It’s not expected to cross the higher resistance of 4850 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 and if the resistance is holding selling may be seen at higher level.
VIEW ON RUPEE
USD/INR: Rupee last trading session closing was seen at 52.94 and on higher side 53.25 was the resistance taken and was trading -ve as some buying pressure is seen at the level of 52.85 around. Today opening was seen positive around 53.65 per$ with the spike where some -ve move is expected where on lower side support is seen at 52.8 per$ and on higher side immediate resistance is seen at 53.15 per$ where till the time support of 52.85 holds buying at dips is advise around 53 per$ and will test 53.25 and above 53.5 per$ will further move to 54 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 and long term target of 58 cannot be denied where buying at dips is advice in medium term for positional traders. Stochastic which has given positive intersection near lower zone which indicates price will move side way to upside and higher target can be tested soon.
Report by
xDirect India
Nifty: Nifty last Friday after the downward opening at the level of 4738 tested the lower level of 4690 and after crossing the resistance of 4800 and testing the level of 4818 closing was seen below the resistance of 4800 around the level of 4779. Today as the Asian market trading downward with the growing fear of the European Debt crisis will not get any short term exit signal on the way down. While fears may be ebbing that Iran will make good on threats and close the Strait of Hormuz, and while U.S. economic indicators illustrate a firming labor market and improved manufacturing output, Europe's uncertainty served as the markets' primary steering current. On lower side if sustain trading is seen below 4750 will open the door for 4680 to 4620 immediately, where as further 4200 can be expected in near term, whereas on higher side resistance is seen at 4850 on closing basis. It’s not expected to cross the higher resistance of 4850 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 and if the resistance is holding selling may be seen at higher level.
VIEW ON RUPEE
USD/INR: Rupee last trading session closing was seen at 52.94 and on higher side 53.25 was the resistance taken and was trading -ve as some buying pressure is seen at the level of 52.85 around. Today opening was seen positive around 53.65 per$ with the spike where some -ve move is expected where on lower side support is seen at 52.8 per$ and on higher side immediate resistance is seen at 53.15 per$ where till the time support of 52.85 holds buying at dips is advise around 53 per$ and will test 53.25 and above 53.5 per$ will further move to 54 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 and long term target of 58 cannot be denied where buying at dips is advice in medium term for positional traders. Stochastic which has given positive intersection near lower zone which indicates price will move side way to upside and higher target can be tested soon.
Report by
xDirect India
Indian shares are likely to witness a bearish start on Friday morning as the global markets look weak with SGX Nifty trading 74 points lower @9998.50.capitalstars
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