Dollar/rupee remained somewhat positive on the back of oil importers' month-end dollar demand amid a strong dollar and higher crude prices. The greenback edged higher against major counterparts as investors remain cautious after the European Union parliamentary elections showed polarization and fragmentation in the 28-member block. The outcome of the European Union elections in the weekend caused a stage of political instability in the 28-member bloc, with results in many countries signaling polarization among voters.
Technical, USDINR made a high 69.7450 and settled at 69.6775 levels. Intraday price action resulted in formation of high wave candle stick which is indicating for indecisive trend in near term. However, on the EOD chart, pair yet trading below its immediate resistance 70.10 and it’s expected that any rise towards 69.85-69.90 could attract near term selling activities. On the upside, a break above 70.10 only would create probability for momentum gain towards 70.50 and above.
Trend –Volatile
GBPINR(June Future)
Pound traded lower yesterday on growing risks of a no-deal Brexit after the recent European election resulted in a big blow to the UK's two major political parties. Candidates who stand in line to replace Theresa May as the Prime Minister including front-runner Boris Johnson have signalled they are prepared for no-deal Brexit if Brussels does not reopen negotiations over May's unpopular withdrawal agreement. Conservative candidates vying for May's position are under pressure to deliver a more decisive deal with the EU. Britain is scheduled to leave the bloc on October 31.
Technical, since 21 May 2019, GBPINR has been squeezed in between 89.20-88.40 levels. On the EOD chart formation of high wave candle stick is indicating for indecisive trend in near term. A break below 88.40 would create probability for downside move towards 88-87.50.On the upside; break above 89.20 will open the door for 89.65-90.00 and above.
Trend –Volatile
Major Economic Data & Events Released Yesterday/Earlier today
Eurozone Economic sentiment rose to 105.1 in May from 103.9 in April, beating market expectations of no change.
Disclaimer: This document has been prepared by IndiaNivesh Securities Limited (IndiaNivesh), for use by the recipient as information only and is not for circulation or public distribution. This document is not to be reproduced, copied, redistributed or published or made available to others, in whole or in part without prior permission from us. This document is not to be construed as an offer to sell or the solicitation of an offer to buy any currency pair. Recipients of this document should be aware that past performance is not necessarily a guide for future performance and price and value of investments can go up or down. The suitability or otherwise of any investments will depend upon the recipients particular circumstances. The information contained in this document has been obtained from sources that are considered as reliable though its accuracy or completeness has not been verified by IndiaNivesh independently and cannot be guaranteed. Neither IndiaNivesh nor any of its affiliates, its directors or its employees accepts any responsibility or whatever nature for the information, statements and opinion given, made available or expressed herein or for any omission or for any liability arising from the use of this document. Opinions expressed are our currency opinions as of the date appearing on this material only. IndiaNivesh directors and its clients may have holdings in the currencies mentioned in the report.
Posted by Mehul Kothari | Published on 24-JUN-2019
CURRENCY PIVOT LEVELS
CROSS CURRENCY UPDATE
USDINR 29 MAY 2019 EXPIRY OPTION UPDATE
RBI REFERENCE RATE (MAY 26, 2019)
USDINR (MAY FUTURE)
Dollar/rupee rebounded in afternoon trades on Monday helped by the month-end related demand from oil importers while a bounce back in crude prices acted as a catalyst. Further, recovery in crude oil prices also weighed on the rupee momentum.
Technical, after hitting a day low 69.3525, USDINR rebounded more than 20 paisa and settled at 69.54 compared to previous day close of 69.5450. On the EOD chart, pair yet trading below its immediate resistance 70.10 and it’s expected that any rise towards 69.85-69.90 could attract near term selling activities. On the upside, a break above 70.10 only would create probability for momentum gain towards 70.50 and above.
Trend –Volatile
EURINR (May Future)
Euro traded down against the dollar on Monday after a mixed European elections results as the main parties lost the ground to both centrist and extreme ones. Center-right and center-left parties have lost their majority in the European Union elections, but the votes did not all go to populist parties as some had feared. Centrist liberal and green parties have gained ground as well, and the result is a fragmented European Union Parliament.
Technical, since 21 May 2019, EURINR has been struggling to break its immediate resistance 78.15 and rebounding from the support 77.80. Either side break will decide its short term trend. A break below 77.80 would create probability for downside move towards 77.00.On the upside; break above 78.15 will open the door for 78.65 and above.
Trend –Volatile
Major Economic Data & Events Released Yesterday/Earlier todayData released by the Cabinet Office in Japan showed coincident index, which is a measure of the current state of the Japanese economy, fell to 99.4 in March from 100.5 in February.
Major Economic Data & Events Schedule today
Click Here to Download the Report
Disclaimer: This document has been prepared by IndiaNivesh Securities Limited (IndiaNivesh), for use by the recipient as information only and is not for circulation or public distribution. This document is not to be reproduced, copied, redistributed or published or made available to others, in whole or in part without prior permission from us. This document is not to be construed as an offer to sell or the solicitation of an offer to buy any currency pair. Recipients of this document should be aware that past performance is not necessarily a guide for future performance and price and value of investments can go up or down. The suitability or otherwise of any investments will depend upon the recipients particular circumstances. The information contained in this document has been obtained from sources that are considered as reliable though its accuracy or completeness has not been verified by IndiaNivesh independently and cannot be guaranteed. Neither IndiaNivesh nor any of its affiliates, its directors or its employees accepts any responsibility or whatever nature for the information, statements and opinion given, made available or expressed herein or for any omission or for any liability arising from the use of this document. Opinions expressed are our currency opinions as of the date appearing on this material only. IndiaNivesh directors and its clients may have holdings in the currencies mentioned in the report.)
Posted by Mehul Kothari | Published on 24-JUN-2019
NIFTY Daily CHART :
The week kicked off on a sluggish note where the benchmark indices were stuck in a narrow range and the undertone still remained bearish. The index Nifty sneaked below 11700 mark to close marginally in red. Meanwhile, the Nifty Bank index too ended in negative terrain. Yet again the market breadth was in the favour of declining counters. On the sectoral front, apart from NIFTY PSUBANK (+0.25%) and NIFTY FMCG (+0.14%) all the other group indices closed in red. From the losers, NIFTY METAL (-1.29%) and NIFTY REALTY (-0.97%) counters were the biggest laggards. From the F&O space, JISLJALEQS (+13.86%), SUZLON (+11.11%) and DHFL (+10.40%) outperformed by rising more than 10% during the session.
Since the index Nifty spot is still well placed above the 50 DEMA; there is hardly any change in the price structure. We reiterate our view that going ahead, a move below 11600 could pull the index towards 11450 which will fill the gap area. On the upside, 11750 would act as immediate hurdle in the coming session. However, only a move above 11850 will reinforce the index to meet the higher levels of 12000 – 12100. Due to extreme volatility in F&O stocks, traders are advised to stay light and avoid taking any undue risks.
SRTRANSFIN : BULLISH
The given above monthly chart of SRTRANSFIN depicts that the stock has been trading in a rising ‘Channel’ since the year 2011.
At this juncture, the stock is consolidating near the lower range of this channel.
The rising volumes indicate signs of accumulation.
Traders can accumulate the stock between 1110 – 1070 with a stop below 970 for the upside target of 1220 – 1350 in the coming months.
Disclaimer)
Daily Currency Research Report – 29th May 2019
CURRENCY PIVOT LEVELS
CROSS CURRENCY UPDATE
USDINR 29 MAY 2019 EXPIRY OPTION UPDATE
RBI REFERENCE RATE (MAY 26, 2019)
USDINR (June Future)
Dollar/rupee remained somewhat positive on the back of oil importers' month-end dollar demand amid a strong dollar and higher crude prices. The greenback edged higher against major counterparts as investors remain cautious after the European Union parliamentary elections showed polarization and fragmentation in the 28-member block. The outcome of the European Union elections in the weekend caused a stage of political instability in the 28-member bloc, with results in many countries
signaling polarization among voters.
Technical, USDINR made a high 69.7450 and settled at 69.6775 levels. Intraday price action resulted in formation of high wave candle stick which is indicating for indecisive trend in near term. However, on the EOD chart, pair yet trading below its immediate resistance 70.10 and it’s expected that any rise towards 69.85-69.90 could attract near term selling activities. On the upside, a break above 70.10 only would create probability for momentum gain towards 70.50 and above.
Trend –Volatile
GBPINR(June Future)
Pound traded lower yesterday on growing risks of a no-deal Brexit after the recent European election resulted in a big blow to the UK's two major political parties. Candidates who stand in line to replace Theresa May as the Prime Minister including front-runner Boris Johnson have signalled they are prepared for no-deal Brexit if Brussels does not reopen negotiations over May's unpopular withdrawal agreement. Conservative candidates vying for May's position are under pressure to deliver a more decisive deal with the EU. Britain is scheduled to leave the bloc on October 31.
Technical, since 21 May 2019, GBPINR has been squeezed in between 89.20-88.40 levels. On the EOD chart formation of high wave candle stick is indicating for indecisive trend in near term. A break below 88.40 would create probability for downside move towards 88-87.50.On the upside; break above 89.20 will open the door for 89.65-90.00 and above.
Trend –Volatile
Major Economic Data & Events Released Yesterday/Earlier today
Major Economic Data & Events Schedule today
Click Here to Download the Report
Disclaimer: This document has been prepared by IndiaNivesh Securities Limited (IndiaNivesh), for use by the recipient as information only and is not for circulation or public distribution. This document is not to be reproduced, copied, redistributed or published or made available to others, in whole or in part without prior permission from us. This document is not to be construed as an offer to sell or the solicitation of an offer to buy any currency pair. Recipients of this document should be aware that past performance is not necessarily a guide for future performance and price and value of investments can go up or down. The suitability or otherwise of any investments will depend upon the recipients particular circumstances. The information contained in this document has been obtained from sources that are considered as reliable though its accuracy or completeness has not been verified by IndiaNivesh independently and cannot be guaranteed. Neither IndiaNivesh nor any of its affiliates, its directors or its employees accepts any responsibility or whatever nature for the information, statements and opinion given, made available or expressed herein or for any omission or for any liability arising from the use of this document. Opinions expressed are our currency opinions as of the date appearing on this material only. IndiaNivesh directors and its clients may have holdings in the currencies mentioned in the report.
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Daily Currency Research Report – 28th May 2019
CURRENCY PIVOT LEVELS CROSS CURRENCY UPDATE USDINR 29 MAY 2019 EXPIRY OPTION UPDATE RBI REFERENCE RATE (MAY 26, 2019) USDINR (MAY FUTURE) Dollar/rupee rebounded in afternoon trades on Monday helped by the month-end related demand from oil importers while a bounce back in crude prices acted as a catalyst. Further, recovery in crude oil prices also weighed on the rupee momentum. Technical, after hitting a day low 69.3525, USDINR rebounded more than 20 paisa and settled at 69.54 compared to previous day close of 69.5450. On the EOD chart, pair yet trading below its immediate resistance 70.10 and it’s expected that any rise towards 69.85-69.90 could attract near term selling activities. On the upside, a break above 70.10 only would create probability for momentum gain towards 70.50 and above. Trend –Volatile EURINR (May Future) Euro traded down against the dollar on Monday after a mixed European elections results as the main parties lost the ground to both centrist and extreme ones. Center-right and center-left parties have lost their majority in the European Union elections, but the votes did not all go to populist parties as some had feared. Centrist liberal and green parties have gained ground as well, and the result is a fragmented European Union Parliament. Technical, since 21 May 2019, EURINR has been struggling to break its immediate resistance 78.15 and rebounding from the support 77.80. Either side break will decide its short term trend. A break below 77.80 would create probability for downside move towards 77.00.On the upside; break above 78.15 will open the door for 78.65 and above. Trend –Volatile Major Economic Data & Events Released Yesterday/Earlier todayData released by the Cabinet Office in Japan showed coincident index, which is a measure of the current state of the Japanese economy, fell to 99.4 in March from 100.5 in February. Major Economic Data & Events Schedule today Click Here to Download the Report Disclaimer: This document has been prepared by IndiaNivesh Securities Limited (IndiaNivesh), for use by the recipient as information only and is not for circulation or public distribution. This document is not to be reproduced, copied, redistributed or published or made available to others, in whole or in part without prior permission from us. This document is not to be construed as an offer to sell or the solicitation of an offer to buy any currency pair. Recipients of this document should be aware that past performance is not necessarily a guide for future performance and price and value of investments can go up or down. The suitability or otherwise of any investments will depend upon the recipients particular circumstances. The information contained in this document has been obtained from sources that are considered as reliable though its accuracy or completeness has not been verified by IndiaNivesh independently and cannot be guaranteed. Neither IndiaNivesh nor any of its affiliates, its directors or its employees accepts any responsibility or whatever nature for the information, statements and opinion given, made available or expressed herein or for any omission or for any liability arising from the use of this document. Opinions expressed are our currency opinions as of the date appearing on this material only. IndiaNivesh directors and its clients may have holdings in the currencies mentioned in the report.)
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Share Market Today - 25th June 2019
NIFTY Daily CHART : The week kicked off on a sluggish note where the benchmark indices were stuck in a narrow range and the undertone still remained bearish. The index Nifty sneaked below 11700 mark to close marginally in red. Meanwhile, the Nifty Bank index too ended in negative terrain. Yet again the market breadth was in the favour of declining counters. On the sectoral front, apart from NIFTY PSUBANK (+0.25%) and NIFTY FMCG (+0.14%) all the other group indices closed in red. From the losers, NIFTY METAL (-1.29%) and NIFTY REALTY (-0.97%) counters were the biggest laggards. From the F&O space, JISLJALEQS (+13.86%), SUZLON (+11.11%) and DHFL (+10.40%) outperformed by rising more than 10% during the session. Since the index Nifty spot is still well placed above the 50 DEMA; there is hardly any change in the price structure. We reiterate our view that going ahead, a move below 11600 could pull the index towards 11450 which will fill the gap area. On the upside, 11750 would act as immediate hurdle in the coming session. However, only a move above 11850 will reinforce the index to meet the higher levels of 12000 – 12100. Due to extreme volatility in F&O stocks, traders are advised to stay light and avoid taking any undue risks. SRTRANSFIN : BULLISH The given above monthly chart of SRTRANSFIN depicts that the stock has been trading in a rising ‘Channel’ since the year 2011. At this juncture, the stock is consolidating near the lower range of this channel. The rising volumes indicate signs of accumulation. Traders can accumulate the stock between 1110 – 1070 with a stop below 970 for the upside target of 1220 – 1350 in the coming months. Disclaimer)