FxWirePro: Indian rupee trades marginally lower after Nikkei markit manufacturing PMI data

• USD/INR is currently trading around 72.43 marks.
   
• It made intraday high at 72.48 and low at 72.14 marks.
   
• Intraday bias remains bullish for the moment.
   
• Key resistances are seen at 72.42, 72.68, 72.89 and 73.55 marks respectively.

• On the other side, initial supports are seen at 71.80, 71.47, 71.22, 71.10, 70.90, 70.68, 70.47, 70.32, 70.10, 69.76 and 69.48 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
   
• India’s NSE was trading 1.35 pct higher at 11,353.85 points and BSE sensex 1.36 pct higher at 38,815.10 points.
   
• India’s Nikkei markit manufacturing PMI stands 54.5 vs 55.3 previous release (expected 52.8).

We prefer to take long position on USD/INR around 72.30, stop loss at 72.10 and target of 72.68/72.89/73.12.