NIFTY & USD/INR Report 30th December, 2011

VIEW ON NIFTY

Nifty: Nifty yesterday after the flat opening at 4706 failed to trade above 4725 and on lower side after crossing the level of 4680 it tested the days low at 4663 and closing was also seen near the lower level of 4669. Today as the Asian market is trading positive and as the international market there is low volume just before the year and closure of the books we expect nifty to trading in the range where higher side resistance is seen at 4720 and lower side support is expected at 4660 level. On lower side if sustain trading is seen below 4660 will open the door for 4400 to 4200 in near term, whereas on higher side resistance is seen at 4775 on closing basis. It’s 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 has just nearing the overbought zone and if the resistance is taken at 4800 will turn -ve and will move back to lower zone.

VIEW ON RUPEE

USD/INR: Rupee yesterday closing was seen positive at the level of 53.68 where it tested the higher level of 53.8 and short profit booking at high was seen. Today opening was seen downward around 53.6 per$ where some positive move is expected where on lower side support is seen at 53.5 per$ and on higher side immediate resistance is seen at 54 per$ where till the time support of 53.5 holds buying at dips is advise around 53.6 per$ and will test 54 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 rise side way to upside and higher target can be tested soon.

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Daily NIFTY & USD/INR Report 29th December, 2011

VIEW ON NIFTY

Nifty: Nifty yesterday after the gap down opening at 4736 failed to trade above 4750 and on lower side it tested the lower level of 4681 and closing was just seen at 4700 where the 10 DMA was there, with the international market news on Euro zone crises where banks are holding the funds gave sharp correction in market. Today as the Asian market is trading downward and nifty is expected to open around 4670 and will take support 10 DMA at 4660 and if trading is seen below 4660 will bring to lower level of 4610 and 4550 in near term. On lower side if sustain trading is seen below 4550 will open the door for 4400 to 4200 in near term, whereas on higher side resistance is seen at 4775 on closing basis. It’s 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 has just nearing the overbought zone and if the resistance is taken at 4800 will turn -ve and will move back to lower zone.

VIEW ON RUPEE

USD/INR: Rupee yesterday closing was seen positive at the level of 53.6 where it tested the higher level of 53.8 and short profit booking at high was seen. Today opening was seen positive around 53.77 per$ where some positive move is expected where on lower side support is seen at 53.5 per$ and on higher side immediate resistance is seen at 54 per$ where till the time support of 53.5 holds buying at dips is advise around 53.65 per$ and will test 54 and above 54.2 and further will 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 rise side way to upside and higher target can be tested soon.

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xDirect India

Daily NIFTY & USD/INR Report 29th December, 2011

VIEW ON NIFTY

Nifty: Nifty yesterday after the gap down opening at 4736 failed to trade above 4750 and on lower side it tested the lower level of 4681 and closing was just seen at 4700 where the 10 DMA was there, with the international market news on Euro zone crises where banks are holding the funds gave sharp correction in market. Today as the Asian market is trading downward and nifty is expected to open around 4670 and will take support 10 DMA at 4660 and if trading is seen below 4660 will bring to lower level of 4610 and 4550 in near term. On lower side if sustain trading is seen below 4550 will open the door for 4400 to 4200 in near term, whereas on higher side resistance is seen at 4775 on closing basis. It’s 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 has just nearing the overbought zone and if the resistance is taken at 4800 will turn -ve and will move back to lower zone.

VIEW ON RUPEE

USD/INR: Rupee yesterday closing was seen positive at the level of 53.6 where it tested the higher level of 53.8 and short profit booking at high was seen. Today opening was seen positive around 53.77 per$ where some positive move is expected where on lower side support is seen at 53.5 per$ and on higher side immediate resistance is seen at 54 per$ where till the time support of 53.5 holds buying at dips is advise around 53.65 per$ and will test 54 and above 54.2 and further will 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 rise side way to upside and higher target can be tested soon.

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xDirect India

NIFTY & USD/INR Report 28th December, 2011

VIEW ON NIFTY

Nifty: Nifty yesterday after sideway opening at 4774 tested the higher level of 4804 where the 20 DMA resistance was seen at 4815 and on lower side after testing the lower level of 4725 closing was seen around the level of 4756. Today as the Asian market is trading flat to -ve nifty is expected to open around 4740 and will take support 10 DMA at 4702 and if trading is seen below 4702 will bring to lower level of 4640 and 4550 in near term. On lower side if sustain trading is seen below 4700 will open the door for 4660 to 4600 in near term, whereas on higher side resistance is seen at 4775. It’s 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 has just nearing the overbought zone and if the resistance is taken at 4800 will turn -ve and will move back to lower zone.

VIEW ON RUPEE

USD/INR: Rupee yesterday closing was seen positive just above the resistance level of 53 per$ at the level of 53.08 and as expected is moving upside where we expect it to test the level of 53.5 to 53.8 in near term. Today opening was seen sideway around 53.05 per$ where some range bound move is expected where on lower side support is seen at 52.9 per$ and on higher side immediate resistance is seen at 53.4 per$ where till the time support of 52.8 holds buying at dips is advise around 53.05 per$ 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 which has given positive intersection near lower zone which indicates price will rise side way to upside and higher target can be tested soon.

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View on Major Currencies & Commodities 26th Dec, 2011

VIEW ON MAJOR CURRENCY

EUR/USD: EURO on Friday on Friday which opened at 1.3050 was trading in the range of 1.3100 as resistance and support is seen at 1.3020 where range bound move as seen. Today as the European and US market are closed due to Christmas its expected to be no movement in market and will be waiting for the week to get over for next trend in market. So its advisable to stay away from the market and rather enjoy the year end. Stochastic are turned negative and nearing the oversold zone and is expected to trade side way to negative after opening after the Christmas.

GBP/USD: British Pound on Friday which opened at 1.5675 failed to trade above 1.5700 and after testing the lower level of 1.5585 closing was seen near days low at 1.5588 level. Today as the European and US market are closed due to Christmas its expected to be no movement in market and will be waiting for the week to get over for next trend in market. So its advisable to stay away from the market and rather enjoy the year end. Stochastic are turned negative and nearing the oversold zone and is expected to trade side way to negative after opening after the Christmas.

AUD/USD: Australian Dollar on Fridays after the opening at 1.0129 was trading in the range of 1.0200 as resistance and support was seen at 1.0120 and after the range bound move trading was seen positive at 1.0148 level. Today as the European and US market are closed due to Christmas its expected to be no movement in market and will be waiting for the week to get over for next trend in market. So its advisable to stay away from the market and rather enjoy the year end. Stochastic are turned negative and nearing the oversold zone and is expected to trade side way to negative after opening after the Christmas.

NZD/USD: Newzeland Dollar on Friday after opening at 0.7743 failed to trade above 0.7760 and on lower side it tested the level of 0.7715 where 0.7700 was support level. Today as the European and US market are closed due to Christmas its expected to be no movement in market and will be waiting for the week to get over for next trend in market. So its advisable to stay away from the market and rather enjoy the year end. Stochastic are turned negative and nearing the oversold zone and is expected to trade side way to negative after opening after the Christmas.

USD/JPY: Japanese Yen on Friday after opening at 78.16 failed to trade above 78.2 and on lower side support was seen at 78 and closing was just near the support level. Today as the European and US market are closed due to Christmas its expected to be no movement in market and will be waiting for the week to get over for next trend in market. So its advisable to stay away from the market and rather enjoy the year end. Stochastic are turned negative and nearing the oversold zone and is expected to trade side way to negative after opening after the Christmas.

VIEW ON MAJOR COMMODITIES

Gold: Gold on Friday after taking support of 1600$ as trading in the range whereon higher side it failed to cross 1615$ and support was seen at 1600$ as the International market are having holiday its expected to trading in the range where not much move is expected. Today opening was seen flat around 1605$ and is trading at 1604$ where it’s trading in the range of 1610$ resistance on closing basis and support of 1598$ on closing basis, and either side move on closing basis will confirm the trend. In short term time frame some range bound move is expected where 1620$ is resistance and 1570 will be the support level in medium term. On higher side at 1620$ is crossed will bring to 1640$, where as if its holding the resistance level will bring the price to move test the lower support of 1540$ on lower side and further trading below 1540$ will continue the down trend on market where 1440$ will be tested in medium term. Stochastic has just popped out above the overbought zone where short room is getting generating before the next down side move which is expected if sustain trading below 1600 on closing basis.

Silver: Silver on Friday after opening at 29.06$ support as taken at 29$ and after testing the higher level of 29.42 closing was seen flat around the level of 29.05$. Today after the opening at 29.08$ trading range is expected of 29.2$ resistance and support will be seen at 29$ and sustain trading below the same will give move towards 28.8 – 28.5 immediately, as the support is holding strongly in past few trading session. Whereas further trading below 28$ will bring to 26$ – 24$ in near to medium term. On higher side only on closing basis above 30 - 31$ will hamper the bearish outlook in silver where it will test 39$ on higher side. Stochastic has just neared the oversold zone around 20% and is trading flat indicating if the resistance is holding and if the price trade below 28$ will bring to next support of 24$ in near term.

Brent Crude oil: Brent Crude on Friday after the opening at 107.79$ was trading in the range where on higher side it failed to cross the level of 108.5$ and on lower side support was seen at 107$ and closing was just positive at 107.97$. Today as the European and US market are closed due to Christmas its expected to be no movement in market and will be waiting for the week to get over for next trend in market. So its advisable to stay away from the market and rather enjoy the year end. Stochastic has near he overbought zone where some side wait and watch for the week end is advise.

Copper: Copper after the positive opening at 7455 after taking support of 4730 traded positive and tested the level of 7500 and closing was also seen at days high. Today as the European and US market are closed due to Christmas its expected to be no movement in market and will be waiting for the week to get over for next trend in market. So its advisable to stay away from the market and rather enjoy the year end. Stochastic has near he overbought zone where some side wait and watch for the week end is advise.

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xDirect India

NIFTY & USD/INR Report 26th December, 2011

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.

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xDirect India

NIFTY & USD/INR Report 23rd December, 2011

VIEW ON NIFTY
Nifty: Nifty yesterday after the low opening at 4671 couldn't cross the lower support of 4630 and on the higher side it tested the level of 4755 where the closing was also seen at days high. Today as the Asian market is trading positive it’s expected that Nifty will open gap up where this recent rise from the lower level of 4536 will only be the retracement of the fall from the higher level of 5131 to 4536 which is 38.2% of the fall, and if the resistance of 4765 is holding on closing basis I expect it to test the level of 4680 and 4550 before expiry. On lower side if sustain trading is seen below 4720 will open the door for 4550 to 4200 in medium 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 near 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 yesterday after the gap up opening at 52.92 couldn't  trade above 53 and on lower side it tested the level of 52.66 where most of the trading was range bound and closing was seen near 52.77 levels. Today opening was seen sideway around 52.71 per$ where some range bound move is expected where on higher side resistance is seen at 523 per$ and on lower side support is seen at 52.55 per$ where is the support of 52.5 holds buying at dips is advise and will test 52.9 and above 53 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 and is showing sign of positive intersection where if the price move above 52.8 will give positive intersection and will move towards higher zone where some buying may be seen for higher level.

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xDirect India