Update on USD/INR – 10.Feb.2015

USDINR tips

HI all,
The pair USD/INR opened with a gap down at 62.3475 against yesterday’s closing LTP 62.39
Closest resistance of 62.39 was not broken in the morning session as the pair was in Overbought zone and it went upto 62.13(Daylow) without any bullish pullback.
But bulls gained upperhand in afternoon session and started slowly their rally towards 62.40 (Dayhigh). Closing LTP was near Dayhigh, 62.3975
Technical Analysis:-
DMI analysis shows Bears are still strong and I expect a selling at tomorrow morning’s opening session. 62.0950 was the target which was left unhit today in the lower side.
62.42 & 62.48 are the closest resistances.
Nifty analysis:-
Nifty opened with gap down at 8499.95 which was purely in oversold area that helped it to bounce back upto 8683.50 levels. Closing was at 8625.
Positive GDP data from India which came out yesterday evening helped Nifty to close in green while BJP was totally outperformed by AAP (Aam Aadmi Party) in New Delhi elections.

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