Intra-day update for USD/INR; EUR/USD and NIFTY:
NIFTY held at first buy zone of 5660-5630 (low of 5658) for swift move into first resistance at 5700-5730 (high of 5702); it was good trade set-up for day traders. Now, 5680-5660 would generate good buying interest for 5730-5750.
Rupee recovered well into immediate resistance at 53.60 while Euro hit the sell zone at 1.3065-1.2090 (hi at 1.3065). The worry for rupee bulls is the bunched-up dollar demand ahead of month-end which acts as solid barrier to resist rupee gains into 53.40-53.30 and 53.00-52.90 in due course. Hold “shorts” entered at 53.80 with trail stop at cost for 53.40-53.30.
Good luck.................Moses Harding
Nifty being the benchmark index keeps on fluctuating. It is traders responsibility to always keep a good track record of its movements. This blog can also be a great source to know about market.
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