Traders will now start taking positions for Monday. The general mood of the market is to remain on the short side in anticipation for more gains for the rupee. The policy continuity by Narendra Modi government had surprised one and all. Reduction in red tapism and bureaucracy (without big bash reforms) has also gone down well among domestic investors as well as global investors. Another perception is that India will now be able to withstand US interest rate hike and other global challenges. Divestment of key state run enterprises over the next seven months will attract huge inflows.
All in all the sentiment is positive. Only short covering before a long weekend can result mild weakness, which should be met by exporters selling and short sellers. I will prefer to remain on the sidelines today. Next two weeks will see a rise in intraday volatility. Position squaring and rebuilding for September half yearly closing will start from Monday.
Usd/inr September 2014: It can fall to 60.6225 and 60.4800 as long as it trades below 60.96-61.05 zone. Jobbers watch 60.77 all the time.
Euro/inr September 2014: It needs to trade over 80.2950 till Monday to rise to 80.9650-81.7550. There will be sellers as long as euro/inr trades below 80.2950 to 80.0725 and 79.7975
Gbp/Inr September 2014: Till Monday cable is bearish as long as it trades below 101.10 with 100.39 and 100.10 as price target. Jobbers watch 100.74.
Jpy/Inr September 2014: Key support is at 58.5325. There will be a technical break down below 58.5325 to 58.2875 and 58.0925. There will be buyers only if jpy/inr trades over 58.7750.
All in all the sentiment is positive. Only short covering before a long weekend can result mild weakness, which should be met by exporters selling and short sellers. I will prefer to remain on the sidelines today. Next two weeks will see a rise in intraday volatility. Position squaring and rebuilding for September half yearly closing will start from Monday.
Usd/inr September 2014: It can fall to 60.6225 and 60.4800 as long as it trades below 60.96-61.05 zone. Jobbers watch 60.77 all the time.
Euro/inr September 2014: It needs to trade over 80.2950 till Monday to rise to 80.9650-81.7550. There will be sellers as long as euro/inr trades below 80.2950 to 80.0725 and 79.7975
Gbp/Inr September 2014: Till Monday cable is bearish as long as it trades below 101.10 with 100.39 and 100.10 as price target. Jobbers watch 100.74.
Jpy/Inr September 2014: Key support is at 58.5325. There will be a technical break down below 58.5325 to 58.2875 and 58.0925. There will be buyers only if jpy/inr trades over 58.7750.
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