NSE Currency Future Report: 2nd December 2019

By: Admin
6 days ago
1113

Insignia Consultants

New Delhi

Monday, 02 December 2019

TIME 8:50 AM IST                         

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NSE CURRENCY FUTURE REPORT

Indian economy is in a pathetic shape. Nothing official about it. The same has been priced in by the currency market. Currency prices does not necessarily reflect fundamental of a nation. Global fund flows is dependent on interest rate differential, growth differential and bond yield differential. Yeah, bond yield differential.

I was having some twitter discussion on my personal twitter id. A few people wanted the RBI to let the rupee depreciate. A sustained and deliberate depreciation by RBI can trigger currency wars. India will not branded as a currency manipulator like China, but fears of the same will persist. Indian stock markets could plunge if there is a sudden knee jerk depreciation of the rupee. Foreign investors profit from stock investment and bond investment will be eroded by a weaker rupee. Would you like a plunging stock market? India imports more than exports. Balance of payment (BoP) situation could get worse. Imported inflation will rise. Unless Indian or any other nation reduces dependence on imports prolonged depreciation of the national currency has more negative effects than positive effected. One needs to look at the bigger macro picture before commenting. If Indian custom’s implement the existing laws in totality, imports from China will reduce drastically and yes RBI can think of letting the rupee depreciate for a long time.

Globally over the next two week’s there are lots of economic data release, central; bank meeting and UK elections. Volatility will rise. Exporters and importers need to have a hedging policy in place. Currency future traders need to use strict higher trailing stop loss for the next two weeks.

NSE CURRENCY FUTURE -- 27TH DECEMBER FUTURE

US DOLLAR-INDIAN RUPEE Current Price

? 71.8900

S3

S2

S1

 

R1

R2

R3

? 71.2550

? 71.5725

? 71.7401

 

? 72.0399

? 72.2075

? 72.5250

EURO-INDIAN RUPEE Current Price

? 79.2000

S3

S2

S1

 

R1

R2

R3

? 78.5600

? 78.8800

? 79.0490

 

? 79.3510

? 79.5200

? 79.8400

UK POUND-INDIAN RUPEE Current Price

? 92.7800

S3

S2

S1

 

R1

R2

R3

? 91.6500

? 92.2150

? 92.5133

 

? 93.0467

? 93.3450

? 93.9100

JAPANESE YEN-INDIAN RUPEE Current Price

? 65.7350

S3

S2

S1

 

R1

R2

R3

? 65.0450

? 65.3900

? 65.5722

 

? 65.8978

? 66.0800

? 66.4250

All technical are for reference only

 

  1. USD/INR 27th DECEMBER 2019:  (a) Crash this week will be there below 71.5500 with 72.2250 as key resistance.
  2. EURO/INR 27TH DECEMBER 2019:  (a) Crash this week will be there below 78.5300 with 78.8700 as key resistance.
  3. GBP/INR 27TH DECEMBER 2019:  (a) Crash this week will be there below 92.2150 with 93.9100 as key resistance.
  4. JPY/INR 27TH DECEMBER 2019:  (a) Crash this week will be there only below 65.3900 with 66.4250 as key resistance.

Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, metals and commodities reflect the views of the individual analyst, In no event shall Insignia Consultants or its employees  have any liability for any losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material; or in any delays, inaccuracies, errors in, or omissions of Information. Nothing in this article is, or should be construed as, investment advice. All analyses used herein are subjective opinions of the author and should not be considered as specific investment advice. Investors/Traders must consider all relevant risk factors including their own personal financial situation before trading. Websitewww.insigniaconsultants.in. Prepared by Chintan Karnani

Disclosure: Insignia consultants or it employees do not have any trading positions on the trading strategies mentioned above. Our clients do have positions on the trading strategies mentioned in the above report.

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NOTES TO THE ABOVE REPORT

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