Insignia Consultants
New Delhi
Thursday, January 3, 2019
TIME: 10:15 am IST
NSE CURRENCY FUTURES DAILY REPORT
Yen nosedived yesterday suggesting safe haven inflows. Foreign
portfolio investors will be increasing their medium term to long term
investment in India as India is still the safest bet in Asia. India is
partially a safe haven for global stock investors. Election related risk and
some fundamental risk are there. But medium term downside risk will be limited.
The only thing is that sector churning will be there. Over the past few years,
bond inflows in India has dictated rupee value more than investment by foreign
portfolio investors. Indian bond yields will be dependent on direction of US
interest rates and energy induced inflation. If crude oil remains below $50
till end of the month, I expect interest rate cut by the RBI anytime before the
end of the quarter.
US dollar-Indian Rupee 29th January 2019 future (usd/inr CMP 70.5850):
One Support: 70.1475-70.3500One Resistance: 70.7775
o
Immediate
resistance is at 73.5575. There will be another wave of rise to 70.7775 and
71.0025 if usd/inr trades over 73.5575.
o
Small
sell off will be there below 70.3500 and crash if 70.7775 is not broken today.
Euro/Indian Rupee 29th
January 2019 Futures (Euro/inr CMP 80.3925): One Support: 80.2100
One Resistance: 80.5950
o
Small
sell off will be there below 80.3025.
o
Crash
below 80.2100.
o
Euro/inr
needs to trade over 80.5950 to be in intraday bullish zone.
UK Pound/Indian Rupee 29th
January 2019 Futures (Gbp/inr CMP 88.7000): One Support: 88.5275
One Resistance: 88.8825
o
Crash
will be there only below 88.5275.
o
Small
sell off will be there below 88.6975.
o
Gbp/inr
needs to trade over 88.8825 to be in intraday bullish zone.
o
There
can be very sharp two way moves.
Japanese Yen/Indian Rupee 29th
January 2019 Futures (Jpy/inr CMP 65.8875): One Support: 65.5150
One Resistance: 65.9650
o
Quick
rise or technical breakout will be there over 65.9650 to 66.0950 and 66.3325.
o
Small
sell off will be there below 65.7250.
o
Crash
will be there below 65.5000.
o
Look
for signs of correction.
Disclaimer: Any
opinions as to the commentary, market information, and future direction of
prices of specific currencies, crypto currency, 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. Prepared by
Chintan Karnani
NOTES
TO THE ABOVE REPORT
PLEASE NOTE: HOLDS
MEANS HOLDS ON DAILY CLOSING BASIS
ALL PRICES ARE IN
INDIAN RUPEE UNLESS OTHERWISE SPECIFIED
Indian Standard Time
(IST): +5:30 GMT
Current Market Price
(CMP)
All foreign exchange
prices are for inter-bank rates.
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