There will be short covering in futures markets and importers covering their very immediate payments as the rupee (usd/inr inter-bank) is on the verge of breaking the key technical resistance of 62.27. The Insurance could be put up in the Rajya Sabha. Rupee will gain in a big way if the Insurance bill is passed in the Rajya Sabha and vice-versa.
Mark Mobius says the bull market in Chinese stocks is just getting started and he’s using the biggest price swings in five years to boost holdings. India and China are direct competitors for attracting global investors. The pace of global inflows could fall in India over the coming months, if the policy makers do not pull up their stocks.
The trend for the rupee is on the weaker side. Unless there is big selling by some large corporate house and/or indirect Reserve bank of India intervention, the overall softer trend will continue till tomorrow.
On the global front position squaring and rebuilding for next week’s FOMC meet has started.
Usd/inr December 2014 (expiry on 29th December): Key medium term resistance is at 62.82. Only a break of 62.82 will trigger the next wave of rise. Initial resistance is at 62.52 with supports at 62.17 and 61.99.
Euro/inr December 2014 (expiry on 29th December): It can rise to 77.81 and 78.76 as long as it trades over 77.32. There will be sellers only below 77.32.
Gbp/Inr December 2014 (expiry on 29th December): Cable needs to trade over 98.03 trigger another wave of rise to 98.37 and 98.77. Initial support is at 97.76. There will be sellers only below 97.76 or in case cable does not break 98.40 by tomorrow.
Jpy/Inr December 2014 (expiry on 29th December): Yen/inr can rise to 53.27 and 54.18 as long as it trades over 52.44.
Mark Mobius says the bull market in Chinese stocks is just getting started and he’s using the biggest price swings in five years to boost holdings. India and China are direct competitors for attracting global investors. The pace of global inflows could fall in India over the coming months, if the policy makers do not pull up their stocks.
The trend for the rupee is on the weaker side. Unless there is big selling by some large corporate house and/or indirect Reserve bank of India intervention, the overall softer trend will continue till tomorrow.
On the global front position squaring and rebuilding for next week’s FOMC meet has started.
Usd/inr December 2014 (expiry on 29th December): Key medium term resistance is at 62.82. Only a break of 62.82 will trigger the next wave of rise. Initial resistance is at 62.52 with supports at 62.17 and 61.99.
Euro/inr December 2014 (expiry on 29th December): It can rise to 77.81 and 78.76 as long as it trades over 77.32. There will be sellers only below 77.32.
Gbp/Inr December 2014 (expiry on 29th December): Cable needs to trade over 98.03 trigger another wave of rise to 98.37 and 98.77. Initial support is at 97.76. There will be sellers only below 97.76 or in case cable does not break 98.40 by tomorrow.
Jpy/Inr December 2014 (expiry on 29th December): Yen/inr can rise to 53.27 and 54.18 as long as it trades over 52.44.
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