NSE Currency Future Report: 11th September 2019

By: Admin
2 weeks ago
1889

Insignia Consultants

New Delhi

Wednesday, 11 September 2019

TIME 9:05AM IST                          

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NSE CURRENCY FUTURE DAILY REPORT

Initial opening weakness in the rupee against the US dollar is bunched up demand after a holiday. I expect rupee to gain as the day progresses. Cable looks bullish. Euro/usd is in a neutral zone. This is the calm in currency markets before the hurricane from European central bank meeting tomorrow and Federal Reserve meeting next week. There will be quarter end position squaring and rebuilding after the FOMC. I will prefer to short the US dollar Index with a trailing stop loss over 103.30 for next month and a price target of 92.90.

Fundamentals are still bearish for the rupee. Today and till Friday, global factors will dictate the rupee (against the US dollar) more than domestic factors. Quarter end demand will be the key. Importers are importing much less before festivals. Some of the importers (who import for the Diwali festivals), in my view have reduced purchases by over fourty percent as compared to last year. There is a fear of very low demand and very low sales among importers, local manufacturers for Dushera and Diwali festivals. Keep a close watch on Indian foreign currency corporate debt demand for the rest of the month.

NSE CURRENCY FUTURE -- SEPTEMBER FUTURE

 

USD/INR

EURO/INR

GBP/INR

JPY/INR

CMP

71.9100

79.5400

88.8400

66.8625

S5

71.3850

78.8850

87.7350

65.8175

S4

71.5110

79.0422

88.0002

66.0683

S3

71.6475

79.2125

88.2875

66.3400

S2

71.7095

79.2898

88.4179

66.4633

S1

71.7861

79.3854

88.5792

66.6159

 

 

 

 

 

R1

72.0339

79.6946

89.1008

67.1091

R2

72.1106

79.7902

89.2621

67.2617

R3

72.1725

79.8675

89.3925

67.3850

R4

72.3090

80.0378

89.6798

67.6567

R5

72.4350

80.1950

89.9450

67.9075

 

CMP= Current price market price

ABOVE TECHNICALS ARE ONLY FOR REFERENCE

 

  1. USD/INR SEPTEMBER 2019:  (a) Crash will be there only if usd/inr falls below 71.6750. (b) Key resistance is at 72.0675. There will be another wave of rise if rupee breaks and trade over 72.0675 after London opens.
  2. EURO/INR SEPTEMBER 2019:  (a) Euro/inr needs to trade over 79.1450 to rise to 79.6775 and 79.9650.
  3. GBP/INR SEPTEMBER 2019:  (a) Key resistance is at 88.9650. (b) Gbp/inr needs to trade over 88.9650 to rise to 89.5250 and 89.9650. (c) Key support till tomorrow is at 88.4400. Small sell off will be there below 88.4400.
  4. JPY/INR SEPTEMBER 2019:  Yen can fall to 66.5325 and 66.0050 by Monday as long as it trades below 67.1750-67.2750 zone.

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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