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- USD/INR is currently trading around 75.25 marks.
- It made intraday high at 75.88 and low at 75.16 marks.
- Intraday bias remains bearish till the time pair holds key resistance at 75.88 mark.
- Key resistances are seen at 75.88, 76.51, 76.87, 77.41, 77.78, 78.12, 78.26, 78.62 and 79.02 marks respectively.
- On the other side, initial supports are seen at 74.90, 74.50, 73.74, 73.58, 73.00 and 72.58 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
- India’s NSE was trading 1.12 pct higher at 9,297.55 points while BSE Sensex was trading 1.17 pct higher at 31,749.38 points.
We prefer to take short position on USD/INR around 76.30, stop loss at 76.88 and target of 74.90/74.50.
