NSE Currency Futures Report : 5th March 2019

Insignia Consultants

New Delhi

Tuesday, March 5, 2019

TIME: 9:08 am IST

         

NSE CURRENCY FUTURES DAILY REPORT

FII’s have been investing in Indian stocks since last month. A slowdown in Chinese economy implies that India will continue to attract medium term and long term foreign investment in all sectors. I am not sure of bonds as they are dependent more on US interest rates cycle. Corporate who have not hedged their open positions will start taking forward cover or start hedging the same in futures. Window dressing of corporate balance sheet using foreign exchange will also start now. US jobs number and other US economic data releases till Friday will be the key. European central bank meeting on Thursday should not have any impact on euro.

US dollar-Indian Rupee 27^th March 2019 future (usd/inr CMP 71.030):

One Support: 70.9650
One Resistance: 71.2550

o      Crash this week will be there if usd/inr trades below 70.8850.

o      Key weekly resistance is at 71.4050.

o      There will be two way moves.

Euro/Indian Rupee 27^th March 2019 Futures (Euro/inr CMP 80.6875):
One Support: 80.6225
One Resistance: 81.0225

o      Crash or another wave of sell off will be there below 80.6225 to 80.4875 and 80.2525.

o      Euro/usd needs to trade over 81.0050 to rise further.

UK Pound/Indian Rupee 27^th March 2019 Futures (Gbp/inr CMP 93.7000):
One Support: 93.6525
One Resistance: 94.0150

o      Crash will be there only below 93.6525.

o      Gbp/inr needs to trade over 93.9500-94.0500 zone to be in short term bullish zone.

Japanese Yen/Indian Rupee 27^th March 2019 Futures (Jpy/inr CMP 63.6700):
One Support: 64.6000
One Resistance: 63.9075

o      Back to square one as jpy/inr needs to trade over 63.3000-63.6000 zone till future close to be in bullish zone and rise to 65.2525.

o      Jpy/inr needs to trade over 63.9050 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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