Insignia Consultants
New Delhi
Friday, October 05, 2012
TIME: 07:55 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
UPA government has approved 49% FDI in insurance, 26% in pension sector. The measures have been announced but they are yet to be passed by the parliament. It will not be easy for the UPA government to pass the same. Any fall below 50.00 for the US dollar-Indian rupee in the next two weeks should be viewed with caution. Fundamentals have not changed of the Indian economy. Urban as well as rural people are grappling with very high inflation of survival goods. Indian growth rates are not going to jump overnight. Rupee weakness (if any) will come if there is short covering before the US September non farm payrolls or weekend profit taking. Technically also rupee is oversold against the major currencies.
Trading strategy For the very large traders and high risk traders
USD/INR OCTOBER: Sell only if usd/inr trades below 51.8825
EURO/INR OCTOBER: Sell euro/inr if and only if trades below 67.1200
GBP/INR OCTOBER: Sell gbp/inr if and only if trades below 83.6900
JPY/INR OCTOBER: Sell jpy/inr only if trades below 65.9600
TECHNICAL VIEW
US-DOLLAR – INDIAN RUPEE (USD/INR) OCTOBER – (CURRENT PRICE 51.9825)
Bullish over 52.6100 with 52.9625-53.1450 as price target
Bearish below 52.1450 with 51.5875 and 51.1725 as price target
Neutral Zone: 52.1450-52.6100
BREAK POINT: - 51.7675
· 52.25 price target was achieved. Usd/Inr cal fall to 51.5875-50.6550 as long as it trades below 52.6100
· A close below 52.25 today and an open below 52.25 on Monday will result in 50.6550 and 49.8075 in short term.
EURO-INDIA RUPEE (EUR/INR) OCTOBER – (CURRENT PRICE 67.2525)
Bullish over 67.6025 with 68.0225-68.8575 as price target
Bearish below 67.4225 with 67.0100-66.2600 as price target
Neutral Zone: 67.4225-67.6025
BREAK POINT: 67.6025
- Euro/Inr can fall to 66.9650 and 65.2900 as long as it trades below 67.6025
- There will be a technical break down below 67.8425 to 66.9650-65.8150
UK POUND -INDIA RUPEE (GBP/INR) OCTOBER – (CURRENT PRICE 83.7150)
Bullish over 84.5700 with 85.2650 and 86.1525 as price target
Bearish below 83.8950 with 83.5274-82.8075 as price target
Neutral Zone: 83.8950-84.5700
BREAK POINT: 83.8950
· Cable can fall to 81.8700 as long as it trades below 83.8950. Only a consolidated break of 83.8950 will result in 84.2525-85.00.
· A daily close below 83.8950 today and open below 83.8950 will be a bearish for gbp/inr and it can fall to 80.90 in the weeks ahead.
JAPANESE YEEN -INDIA RUPEE (JPY/INR) OCTOBER – (CURRENT PRICE 66.1150)
Bullish over 66.9650 with 67.4750 and 67.9650 as price target
Bearish below 66.2525 with 65.8175 and 64.5675 as price target
Neutral Zone: 66.2525-66.9650
BREAK POINT: - 66.2900
- Yen/inr can fall to 62.7600 and 63.2175 by next week as long as it trades below 67.7625.
- A daily close below 66.6825 and open below 66.6825 on Monday will result in 62.9775 and below in the coming weeks.
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, www.insigniaindia.com
Disclosure: The directors have short positions in usd/inr.
"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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