Thursday, January 21, 2021
TIME 1:01 PM IST
INDIAN RUPEE SHORT TERM VIEW (USD/INR)
Rupee is trading below 73.0000 against the US dollar. BSE Sensex broke past 50,000 for the first time. Foreign investors pumped more than $20 billion into Indian equities in December alone. Apart from growth reasons, foreign investors find it highly profitable to borrow at zero interest rates in their nation and invest in India. There is huge short term hot money or casino money which is flowing into Indian stocks. This trend can continue from a few weeks to a few months.
US Dollar-Indian Rupee spot (usd/inr): (CMP Rs.72.9825)
Support: 71.8550, 72.1650, 72.3450 and 72.7550 Resistance: 73.1300, 73.6475, 74.0950 and 74.4675
Short Term View: (i) Hundred percent retracement is at 72.7550. There will be a quick sell off only if rupee falls below 72.7550 to 72.3925 and 71.8550 and 70.6825. (ii) If rupee does not fall below 72.7550 in the next three weeks, then it will rise to 73.6475 (hundred day moving average) and 74.4675 (two hundred day moving average).
In my view sporadic RBI intervention is reducing the gains of rupee against the US dollar. Sudden withdrawal of money by FIIs from stocks or bonds is the only risk to the ascending trend of usd/inr. Month end demand next week will be the key. Rupee should be very volatile against the US dollar in February.
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.Website www.insigniaconsultants.in. Prepared by Chintan Karnani
Disclosure: Members, employees, directors, clients and all other people associated with “Insignia consultants” do trade in MCX metals and energies. They may or may not have positions on the trading strategies mentioned in this report. They may also have open positions in MCX metals and energies futures in trading strategies other than those mentioned in this report.
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NOTES TO THE ABOVE REPORT
ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
ALL PRICES ARE IN INDIAN RUPEE UNLESS OTHERWISE SPECIFIED
APPROPRIATE STOP LOSSES PER LOT IN INDIAN RUPEEES ON THE TRADING CALLS GIVEN IN THIS REPORTTHE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
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