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Nov 19, 2012, 10.39 AM IST | Source: Moneycontrol.com

Sell NSE USDINR Nov below 55.52; SL 55.61: ICICIdirect

ICICIdirect.com has come out with its report on currency. According to the research firm, the US dollar is expected to attract selling pressure on rallies against the INR. One can utilise the highs in the US$/INR November contract to sell.

ICICIdirect.com has come out with its report on currency. According to the research firm, the US dollar is expected to attract selling pressure on rallies against the INR. One can utilise the highs in the US$/INR November contract to sell.

  • The Indian rupee fell to an over-two-month low on Friday, extending its losing streak to a third week, as investors remained cautious on risk assets ahead of a key euro group meeting and worries over the US 'fiscal cliff
  • The INR ended at 55.16/17 dollar, down from the previous day’s close of 54.70/71
  • The dollar index against six major currencies was at 81.15, down 0.04% from the previous day’s close
Derivatives strategy: Sell November contract

  • In the currency futures market, the most traded dollar-rupee November contract on the NSE closed at 55.40
  • The December contract open interest was up 13.6% from the previous day
  • We expect the US dollar to attract selling pressure on rallies against the INR. Utilise the highs in the US$/INR November contract to sell
Intra-day strategy

USD/ INR Nov futures contract (NSE) View: Bearish on USD
Sell USDINR below 55.52 Market Lot: USD1000
Target: 55.34/55.25 Stop Loss: 55.61
Support: S1/ S2: 55.18/ 55.00 Resistance: R1/R2: 55.52/ 55.68

 

 

 

 

 

 

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