Insignia Consultants
New Delhi
Tuesday, September 18, 2012
TIME: 08:36 am IST
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NSE CURRNCY FUTURES/MCX-SX CURRENCY FUTURES TECHNICAL REPORT
(All prices are in Indian rupees below in this report)
Commentary
We need to wait and watch if gains in the rupee continue. Global factors will affect the rupee more than domestic factors. Financial half yearly close implies that at lower prices there will be demand. The CRR rate cut by 0.25% will inject Rs.17000 crore in the markets. This will help to tide over half yearly demand. Tomorrow Banks and currency markets are closed in India due to "Ganesh Chaturthi" festival. There will be profit taking on short positions which will add to demand and a weaker rupee.
Trading strategy For the very large traders and high risk traders
USD/INR SEPTEMBER: Buy only if usd/inr trades over 54.1425 for 54.36-54.76
EURO/INR SEPTEMBER: Buy only if eur/inr trades over 70.85 for 71.36-71.46
GBP/INR SEPTEMBER: Buy only if gbp/inr trades over 87.6925
JPY/INR SEPTEMBER: Sell jpy/inr only below 68.6950.
TECHNICAL VIEW
US-DOLLAR – INDIAN RUPEE (USD/INR) SEPTEMBER – (CURRENT PRICE 53.9200)
Bullish over 54.1425 with 54.4200-54.7900 as price target
Bearish below 53.7600 with 53.6325 and 53.3675 as price target
Neutral Zone: 53.7600-54.1425
BREAK POINT: - 54.1425
· Rupee needs to trade over 54.1425 for 54.7975
· Another wave of buying will be there only over 54.1425 for 54.7900
EURO-INDIA RUPEE (EUR/INR) SEPTEMBER – (CURRENT PRICE 70.7000)
Bullish over 70.5125 with 71.1225-71.7100 as price target
Bearish below 70.2400 with 69.9500-69.3175 as price target
Neutral Zone: 70.2400-71.5125
BREAK POINT: 70.5125-71.1550
- Euro/inr key support is at 70.5125 and it can rise to 71.17-71.7125 as long as it trades over 70.5125
- Another wave of selling will be below 70.5125 only
UK POUND -INDIA RUPEE (GBP/INR) SEPTEMBER – (CURRENT PRICE 87.4975)
Bullish over 87.6925 with 88.0225 and 88.8400 as price target
Bearish below 87.2725 with 87.0250-86.7200 as price target
Neutral Zone: 87.2725-87.6925
BREAK POINT: 87.6925
· Pound/Inr needs to trade over 87.2725 for 88.0200-88.4900
· Another wave of selling will be there only below 87.20 else dips are a buying opportunity.
JAPANESE YEEN -INDIA RUPEE (JPY/INR) SEPTEMBER – (CURRENT PRICE 68.7650)
Bullish over 68.6325 with 69.0100 and 70.5350 as price target
Bearish below 68.2950 with 67.7425 and 67.5350 as price target
Neutral Zone: 68.2950-68.6325
BREAK POINT: - 68.6325
- Yen inr needs to trade over 68.2950 to target 70.5300-70.8675
- Another wave of selling will be there only below 68.2950 else dips are a buying opportunity.
Happy profitable trading & Trade without emotions
Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, metals and commodities reflect the views of the individual analyst, In no event shall Insignia Consultants or its employees have any liability for any losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material; or in any delays, inaccuracies, errors in, or omissions of Information. Nothing in this article is, or should be construed as, investment advice. Website www.insigniaconsultants.in
Disclosure: The directors and employess do not have any open positions. Our clients do trade on the above report.
"Print this report only if absolutely necessary. Save Paper. Save Trees."
NOTES TO THE ABOVE REPORT
PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
ALL PRICES ARE IN INDIAN RUPEE UNLESS OTHERWISE SPECIFIED
THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
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