FxWirePro: Indian rupee trades marginally lower despite higher than expected manufacturing PMI data

• USD/INR is currently trading around 71.26 marks.
   
• It made intraday high at 71.33 and low at 71.19 marks.
   
• Intraday bias remains bullish till the time pair holds key support at 71.22 mark.
   
• Key resistances are seen at 71.41, 71.70, 71.82, 72.05, 72.17, 72.42, 72.68 and 72.89 marks respectively.

• On the other side, initial supports are seen at 71.12, 70.80, 70.64, 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 markit manufacturing PMI stands at 52.7 vs 51.2 previous release  (expected 51.0).
   
• India’s NSE was trading 0.75 pct higher at 12,273.55 points and BSE sensex points 0.70 pct higher at 41,594.58 points.

We prefer to take short position on USD/INR only below 71.12, stop loss at 71.40 and target of 70.80/70.64 mark.