The results of the delhi state elections will be felt in the Union budget. Loosing and getting dumped are two different aspects. The BJP government for now was focused on improving the long term fundamentals of the nation and ignored the short term needs of the restless masses and the delhi state elections results are speaking for the same. In some respects this is also good for the nation as it has a message to every political party “perform or perish like BJP in Delhi”.
Now I do not expect big gains for the rupee in the short term as well as medium term. There can be weakness but not big gains. The pace of global inflows in India could slow down a bit on reassessment of delhi state elections results. Monday US markets are closed. As the week progresses traders will start taking positions for Tuesday.
Usd/inr February 15 (expiry on 25th February 15):
- Jobbers aggressive buy over: 62.3225 stop loss 62.1150 for 62.4975-62.7725
- Jobbers aggressive sell below: No call
- Key support is between 61.96-62.10 zone. Usd/inr can rise to 62.57-62.76 as long as it trades over 61.96-62.10 zone.
Euro/inr February 15 (expiry on 25th February 15):
- Jobbers aggressive buy over: 70.7950 stop loss 70.6450 for 70.9650-71.2250
- Jobbers aggressive sell below: 70.3750 (after 2pm IST) stop loss 70.5025 for 70.2125-69.9650
- Euro/inr needs to break and trade over 70.4975 for another set of rise to 71.15-71.97. Initial support is at 70.32 with 69.96 as key support till Friday.
Gbp/Inr February 15 (expiry on 25th February 15):
- Cable has a key resistance at 95.29. Only a break of 95.29 will trigger another wave of rise to 95.7975 and 96.9850. On the lower side 94.9525 is the initial support with 94.5975 as key support.
Jpy/Inr February 15 (expiry on 25th February 15):
- Yen/inr needs to trade over 52.10 to rise to 52.66 and 53.05. There will be sellers only if yen/inr trades below 52.10 today.
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