Insignia Consultants
New Delhi
Monday, October 08, 2012
TIME: 08:55 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
Technically rupee has formed a short term bottom against the major currencies and should rise further. There is no major news for another round of gains. The hype of new foreign direct investment in different sectors should be over (hopefully). Overseas investors will continue to invest in India but dollar outflows from India should rise due to the festive season.
Trading strategy For the very large traders and high risk traders
USD/INR OCTOBER: Buy on dips with a stop loss below 51.40. If the stop loss is hit then sell for 51.10-50.80
EURO/INR OCTOBER: Buy only if trades over 67.92 for 68.12-68.56
GBP/INR OCTOBER: Buy on dips with a stop loss below 83.80. If the stop loss is hit then sell for 83.56-83.12
JPY/INR OCTOBER: Buy only if trades over 66.60 for 66.90-67.30
TECHNICAL VIEW
US-DOLLAR – INDIAN RUPEE (USD/INR) OCTOBER – (CURRENT PRICE 52.1150)
Bullish over 51.8225 with 52.3725-52.7650 as price target
Bearish below 51.4000 with 51.2475 and 51.0925 as price target
Neutral Zone: 51.40-51.8225
BREAK POINT: - 52.225
· Usd/inr can gain to 52.4750-52.7750 as long as it trades over 51.7550
· There will be sellers only below 51.7550 to 51.5225-51.2425
EURO-INDIA RUPEE (EUR/INR) OCTOBER – (CURRENT PRICE 67.7825)
Bullish over 67.4825 with 68.1225-69.0175 as price target
Bearish below 67.3625 with 67.1225-66.9800 as price target
Neutral Zone: 67.3625-67.4825
BREAK POINT: 67.9650
- Euro/Inr can rise to 68.25 and 69.02 as long as it trades over 67.48
- There will be sellers only below 67.4800
UK POUND -INDIA RUPEE (GBP/INR) OCTOBER – (CURRENT PRICE 84.3275)
Bullish over 84.1225 with 84.8025 and 85.4575 as price target
Bearish below 83.9125 with 83.5825-83.0100 as price target
Neutral Zone: 83.9125-84.1225
BREAK POINT: 84.5575
· Cable has managed to trade over 83.9125 key long term support and can rise to 85.2525-86.50 in short term as long as it trades over 83.9125
· There will be a technical break down only below 83.9125
JAPANESE YEEN -INDIA RUPEE (JPY/INR) OCTOBER – (CURRENT PRICE 66.4000)
Bullish over 66.9700 with 67.3250 and 67.8850 as price target
Bearish below 66.4825 with 66.2225 and 65.9875 as price target
Neutral Zone: 66.4825-66.9700
BREAK POINT: - 66.9700
- Yen/inr needs to trade over 66.4825 to target 66.9700-67.70
- There will be buyers on dips this week as long as yen trades over 65.50 for the rest of October.
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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