NSE Currency Future Report: 3rd January 2019
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: 70.1475-70.3500
One Resistance: 70.7775
- 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.
- 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
- Small sell off will be there below 80.3025.
- Crash below 80.2100.
- 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
- Crash will be there only below 88.5275.
- Small sell off will be there below 88.6975.
- Gbp/inr needs to trade over 88.8825 to be in intraday bullish zone.
- 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
- Quick rise or technical breakout will be there over 65.9650 to 66.0950 and 66.3325.
- Small sell off will be there below 65.7250.
- Crash will be there below 65.5000.
- 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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