NSE Currency Futures Report : 8th January 2019

Insignia Consultants

New Delhi

Tuesday, January 8, 2019

TIME: 9:18 am IST

         

NSE CURRENCY FUTURES DAILY REPORT

Rupee is very volatile against the US dollar. Pound can see sharp two way moves on brexit news. Euro needs to trade over key support against the Indian rupee to prevent a sell off. Yen may have formed a medium term top against the rupee last week. Reserve bank of India giving additional dividend to the government to manage the fiscal deficit better is short term gains for the nation and long term pain. The extra dividend should be used to increase foreign exchange reserve and used for intervention to control imported inflation.

Crude oil prices can still be a runaway bride unless there is clear indication of a global recession. Investors should be able to differentiate between the “looming” and “actual”. Looming is hypothetical while actual is the reality. Cautious optimism on the rupee right now. There will be sellers on rise against the US dollar (usd/inr).

US dollar-Indian Rupee 29^th January 2019 future (usd/inr CMP 70.2050):

One Support: 70.1125
One Resistance: 70.3575

o      Small sell off will be there below 70.1675 and crash below 69.9825.

o      Key resistance is at 70.5200. Usd/inr needs to break and trade over 70.5200 to attract short covering and another wave of rise.

Euro/Indian Rupee 29^th January 2019 Futures (Euro/inr CMP 80.4250):
One Support: 80.2350-80.4675
One Resistance: 80.6975

o      Euro/inr can rise to 80.9075 and 81.2125 by Friday as long as it trades over 80.2325.

o      Small sell off will be there only below 80.2325.

UK Pound/Indian Rupee 29^th January 2019 Futures (Gbp/inr CMP 89.6350):
One Support: 89.4575
One Resistance: 89.8875

o      Crash can rise to 89.8875 and 90.0350 as long as it trades over 89.4575.

o      Small sell off will be there below 89.4575.

o      There can be very sharp two way moves.

Japanese Yen/Indian Rupee 29^th January 2019 Futures (Jpy/inr CMP 64.6375):
One Support: 64.2525-64.4175
One Resistance: 64.8650

o      Yen/inr can fall to 64.2525 and 64.0925 as long as it trades below 65.0275.

o      Small rise will be there over 64.8650.

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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