NSE Currency Futures Report : 1st March 2019

Insignia Consultants

New Delhi

Friday, March 1, 2019

TIME: 9:27 am IST

         

NSE CURRENCY FUTURES DAILY REPORT

The fall in India’s GDP growth has resulted in markets expecting an interest rate cut over the next few months. Inflation expectation is on the higher side over the next four months. Inflation scenario will decide the next interest rate cut. Indo-Pak issue is down but not out. Short term investors will still be cautious. Incoming US economic numbers (GDP etc) point to a higher and sustained growth. Traders will take positions for next week’s various US jobs numbers.

US dollar-Indian Rupee 27^th March 2019 future (usd/inr CMP 71.0900):

One Support: 70.9700
One Resistance: 71.1975

o      Only a break of 71.1975 will trigger a rise to 71.3075 and 71.6450.

o      Sellers will be there below 70.9700.

o      I will prefer to remain on the sidelines today.

Euro/Indian Rupee 27^th March 2019 Futures (Euro/inr CMP 81.0225):
One Support: 80.9175
One Resistance: 81.2425

o      Crash or another wave of sell off will be there below 80.9175 to 80.5925.

o      Euro/usd needs to trade over 81.2425 (till Monday) to rise further.

UK Pound/Indian Rupee 27^th March 2019 Futures (Gbp/inr CMP 94.3700):
One Support: 94.1750
One Resistance: 94.4650

o      There can be very sharp pullback rallies as long as cable trades over 94.1750.

o      Crash will be there only below 94.1750.

Japanese Yen/Indian Rupee 27^th March 2019 Futures (Jpy/inr CMP 63.8000):
One Support: 64.7150
One Resistance: 63.9075

o      Crash will be there if jpy/inr trades below 63.5650 to 63.3475 and 63.1750.

o      Yen/inr needs to trade over 64.0000 (till next week) to rise further.

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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