Rupee closes near high for the day - AXIS Direct

USD INR - Mar. Future - CMP: 54.62

In last trading session USDINR opened on a positive note and continued its earlier down move in initial half making a day low at 54.35 level. However support buying at lower level led USDINR to close higher near the day's high indicating positive bias. On the daily chart it has formed a 'Long legged Doji' candlestick pattern with huge volumes which representing a pause in recent move and increased participation at lower level. At current levels USDINR is placed around the 20,50 and 100 day SMA support in the range of 54.45-54.35 which would act as crucial support.

For the day if USDINR trades and sustains above 54.72 then it may scale upside in the range of 54.90-55.10 levels. On the downside intraday support is placed around 54.50 and 54.35 levels.

The daily strength indicator-RSI has turned bearish along with negative crossover which signals bearish bias.

The momentum indicator -Stochastic is also in bearish mode.

Source : Equity Bulls

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