USD/INR ... moving towards resistance!

The Nifty broke the important support level of 2860 and closed lower at 2848. I expect a test a Rs 2750. Resistance is at 3050-3100. A break of 3100 now will be positive.

The USD INR has taken a 38.20% retracement at Rs 47 and has started rising again and is currently quoting at 49.20.



We can expect a re-test of 50.30 where it may have some selling pressure / resistance. On the lower side, consider Rs 47 as crucial support now below which one can expect further down move.

I presume that a break out of Rs 47 on the USDINR and 3100 Nifty may coincide!!

Happy trading!!

CA Rajiv D Khatlawala
Head (Research and Training)
Jhaveri Securities Ltd.