Interest rate cut failed to have any significant on the rupee. Indian stock markets have had a super duper past twelve months. My only concern is that a sharp profit taking in the stock markets (if any) will result in temporary weakness for the rupee. In case the Indian stock markets do not fall before month end, then rupee will consolidate in a wider range against the US dollar for the rest of the month. On the global front, European central bank meet will by significant if and only if they say something about easing.
Currency markets are closed tomorrow. Traders will start taking positions for Monday. There can be a wide divergence between today’s close and Monday open. Low risk traders need to be careful while opting to leave open positions for Monday.
Usd/inr March 15 (expiry on 27th March 15):
- Jobbers aggressive buy over: 62.5975 stop loss 62.4975 for 62.7125-62.9825
- Jobbers aggressive sell below: Only if it trades below 62.40 in UK session stop loss 62.5075 for 62.2225-62.1075.
- Key resistance is at 62.6850. Only a break of 62.6850 will result in another wave of rise to 62.9825. On the lower side initial support is at 62.4075. There will be sellers only if usd/inr trades below 62.4075 in UK session (after 2:00 pm IST)
Euro/inr March 15 (expiry on 27th March 15):
- Jobbers aggressive buy over: 69.62 stop loss 69.49 for 69.76-69.92
- Jobbers aggressive sell below: 69.26 stop loss 69.41 for 69.0775 and 68.8975
- Euro/inr needs to 69.2625 to rise to 70.3150. There will be a technical breakdown only below 69.2625 to 68.8150-68.4600. Watch for short covering in euro before market close.
Gbp/Inr March 15 (expiry on 27th March 15):
- Cable has a key support at 95.1525. There will be another wave of selling if cable trades below 95.1525 only. On the higher side only a break of 95.5550 will resume the intraday bullish zone.
Jpy/Inr March 15 (expiry on 27th March 15):
- Yen/inr has a key resistance at 52.4875. Only a break of 52.4875 will result in another wave of rise to 53.0550. On the lower side 51.9675 is the key support.
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