FxWire Pro: Indian rupee strengthens as ongoing election result shows second term for PM Modi

• USD/INR is currently trading around 69.51 marks.
   
• It made intraday high at 69.68 and low at 69.31 marks.
   
• Intraday bias remains bearish till the time pair holds immediate resistance at 69.85 marks.
   
• Key resistances are seen at 69.85, 70.20, 70.52, 70.85, 70.97, 71.23 and 71.51 marks respectively.

• On the other side, initial supports are seen at 69.22, 68.92, 68.49, 67.88 and 67.67 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 index hits 12,000 level and BSE index hits 40,000 level for the first time ever.

We prefer to take long position on USD/INR around 69.50, stop loss 69.70 and target of 68.49.