USD/INR: Rupee is taking support at 48.5 per$ to 48.6per$ area and bounce is seen from the lower level where on higher side immediate resistance is seen at 49.1 per$. Today the opening at 48.65 per$ but fails to cross the lower support of 48.5 per$ level. On higher side if sustain trading is seen above 49 will bring to 49.4 to 49.8 $, further above 50 per$ will bring to 52 to 53.5per$ in near to medium term which is expected target till the time 48.5$ holds on closing basis. I expect it to move upside beyond 50 in near to medium term for higher target. Dollar index which traded above 76 and was holding the support level of 76 and is trading at 76.55 where some range trading is expected where 76.4 is support and 77.4 is the resistance level. Rupee is expected to trade in range of 48.7per$ to 49.3per$ for the day. Stochastic has just reverted from the oversold zone and is flat near 15% zone indicating some side way move to continue.