Moneycontrol
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 55.52Market Lot: USD1000
Target: 55.34/55.25Stop Loss: 55.61
Support: S1/ S2: 55.18/ 55.00Resistance: R1/R2: 55.52/ 55.68


 


 


 


 


 


 


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 on the attachment

Sections
Follow us on
Available On