NSE Currency Futures Report : 6th March 2019

NSE Currency Futures Report : 6th March 2019

Insignia Consultants

New Delhi

Wednesday, March 6, 2019

TIME: 9:42 am IST

         

NSE CURRENCY FUTURES DAILY REPORT

Lack of negative news globally and continued FII investment in Indian stock market has resulted in gains for the rupee against the majors. Big data starts from today with US February private ADP jobs today, European central bank meeting tomorrow and US February nonfarm payrolls tomorrow. The next four trading sessions (till Monday) is very crucial for the US dollar Index and Indian Rupee. Anything can happen.

US dollar-Indian Rupee 27^th March 2019 future (usd/inr CMP 70.7525):

One Support: 70.5025
One Resistance: 70.9050

o      100% retracement is at 70.5025. Another wave of sell off will be there below 70.5025 to 70.2950 and 70.0850.

o      Usd/inr needs to trade over 70.8000-70.9000 zone to rise further.

Euro/Indian Rupee 27^th March 2019 Futures (Euro/inr CMP 80.1050):
One Support: 79.9225
One Resistance: 80.5525

o      100% retracement is at 79.9225.

o      Crash or another wave of sell off will be there below 79.9225.

o      However in case euro/inr does not fall below 79.9225 till Friday, then it will rise to 81.1625.

UK Pound/Indian Rupee 27^th March 2019 Futures (Gbp/inr CMP 93.1150):
One Support: 92.7500
One Resistance: 94.5525

o      100% retracement is at 92.7500.

o      Gbp/inr needs to trade over 92.7500 till Monday to rise to 94.0050 and 93.5600.

o      Another wave of sell off will be there below 92.7500.

Japanese Yen/Indian Rupee 27^th March 2019 Futures (Jpy/inr CMP 63.4575):
One Support: 63.4000
One Resistance: 63.6750

o      Crash will be there only below 63.3000.

o      Jpy/inr needs to trade over 63.5500-63.6500 zone 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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