FxWirePro: Indian rupee trades marginally lower after WPI inflation data

• USD/INR is currently trading around 74.09 marks.
   
• It made intraday high at 74.43 and low at 73.79 marks.
   
• Intraday bias remains bullish for the moment.
   
• Key resistances are seen at 74.62, 75.10, 75.55, 75.90 and 76.12 marks respectively.

• On the other side, initial supports are seen at 73.74, 73.58, 73.00, 72.58, 71.80, 71.47, 71.22, 71.10 and 70.90 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 5.33 pct lower at 9,423.75 points and BSE Sensex was trading 5.55 pct lower at 31,210.05 points.
   
• India’s WPI inflation y/y stands at 2.26 pct vs 3.10 pct previous release (expected 2.65 pct).

We prefer to take short position on USD/INR only below 73.72, stop loss at 74.50 and target of 72.58/71.80/71.47.