The Nifty traded range bound and closed the session near the day’s high. Nifty came down from 26.27 to 24.75 (down 5.79%). FIIs were net buyers in the cash segment to the tune of 873 crore. The Nifty is likely to open positive on the back of positive global cues. It is likely to trade in the range of 5450-5550. The trading strategy would be to create long positions if the Nifty takes support at around 5468 levels for targets of 5510 and 5540. On the other hand, one can also create short positions if it resists at around 5550 levels
NSE Tips Blog Currency Outlook:
On Tuesday Indian currency Rupee traded in tight range. Rupee open slightly lower at 50.10 and there after it hit a low of 49.9550. Rupee recovered from the low and finally settled at 50.1050. Going through the candle stick analysis we can see pair forming Doji candle stick pattern. Momentum indicator RSI-14 is hovering at 0.49 and is trending down side. For the day we expect pair to trade in a range. Now supports are seen at 49.95 the 49.75 and resistance are witnessing at 50.25 then 50.40.
STOCK ANALYST: Priya Chouhan
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