Sell US$INR December Fut; target of 68.60 / 68.40: ICICIdirect

ICICIdirect.com has expect the US$ to meet supply pressure at higher levels. Utilise upsides in the dollar to go short on the US$INR December contract to Sell target of 68.60 / 68.40.
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Nov 30, 2016, 09.38 AM | Source: Moneycontrol.com

Sell US$INR December Fut; target of 68.60 / 68.40: ICICIdirect

ICICIdirect.com has expect the US$ to meet supply pressure at higher levels. Utilise upsides in the dollar to go short on the US$INR December contract to Sell target of 68.60 / 68.40.

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Sell US$INR December Fut; target of 68.60 / 68.40: ICICIdirect

ICICIdirect.com has expect the US$ to meet supply pressure at higher levels. Utilise upsides in the dollar to go short on the US$INR December contract to Sell target of 68.60 / 68.40.

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ICICIdirect.com's report on currency


Debt market

Government bonds ended higher as yields took a breather but most other sovereign debt fell for a third day after the central bank raised the cash reserve ratio to curb surging liquidity at banks The benchmark 6.97% bond maturing in 2026 ended at | 104.69 against | 104.65 the previous day The benchmark 6.97% 2026 bond yield fell to 6.32% from 6.33% in the previous day

Forex (US$/INR)

The rupee rose against the dollar as domestic equities gained for a third day, leading concerns about foreign fund outflows to subside. Also, the US$ index continue top consolidate aiding strength in rupee The US$ index rally continue to consolidate post recent surge. Strength in the British pound and euro continued to keep a US$ rally in check while weakness in the Japanese Yen continued due to expectations of rising monetary divergence

US$/INR derivatives strategy: Sell December Contract

In the currency futures market, the most traded dollar-rupee December contract on the NSE ended at 68.83. The December contract open interest fell 1.10% from the previous day

January contract open interest rose 0.85% from the previous day

We expect the US$ to meet supply pressure at higher levels. Utilise upsides in the dollar to go short on the US$INR pair


Intra-day strategy

US$INR December futures contract (NSE) View: Bearish on US$INR
Sell US$INR in the range of 68.85 - 68.95 Market Lot: US$1000
Target: 68.60 / 68.40 Stop Loss: 69.05
Support Resistance
S1/ S2: 68.65/68.45 R1/R2:69.00/69.20








Disclaimer:
The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click here

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Sell US$INR December Fut; target of 68.60 / 68.40: ICICIdirect

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