VIEW ON NIFTY
Nifty: Nifty yesterday after the positive opening at the level of 4703 failed to trade below 4700 and reversal in price was seen and after some short covering closing was seen positive at 4773 after testing the higher level of 4791. Today as the Asian market trading positive we expect positive opening in Nifty too, where on higher side 4850 is the immediate resistance level which is 40 DMA and if fails to trade above the same selling may continue from the higher level where as on lower side 4700 is the support and today’s trading range will be 4820 to 4720 level and selling is advise at higher level. 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 is side way to positive and some bounce is still left where 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 53.52 and on higher side 53.65 was the resistance taken and was trading downward as some selling pressure is seen at the level of 53.8 around. Today opening was seen around 53.45 per$ where some -ve move is expected where on lower side support is seen at 53.35 per$ and on higher side immediate resistance is seen at 53.55 per$ where till the time support of 53.35 holds buying at dips is advise around 53.4 per$ and will test 53.84 and above 54 per$ will further move to 54.4 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 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 yesterday after the positive opening at the level of 4703 failed to trade below 4700 and reversal in price was seen and after some short covering closing was seen positive at 4773 after testing the higher level of 4791. Today as the Asian market trading positive we expect positive opening in Nifty too, where on higher side 4850 is the immediate resistance level which is 40 DMA and if fails to trade above the same selling may continue from the higher level where as on lower side 4700 is the support and today’s trading range will be 4820 to 4720 level and selling is advise at higher level. 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 is side way to positive and some bounce is still left where 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 53.52 and on higher side 53.65 was the resistance taken and was trading downward as some selling pressure is seen at the level of 53.8 around. Today opening was seen around 53.45 per$ where some -ve move is expected where on lower side support is seen at 53.35 per$ and on higher side immediate resistance is seen at 53.55 per$ where till the time support of 53.35 holds buying at dips is advise around 53.4 per$ and will test 53.84 and above 54 per$ will further move to 54.4 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 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
