Choice Equity Broking has come out with its report on currency. According to the research firm, one can buy USDINR target of 64.90 with a stop loss of 64.20.
Choice Equity Broking's currency report on USDINR
On a weekly chart, the pair has been trading in its horizontal channel pattern formation from past few weeks and taken the support of its lower band of the channel at 64 levels. On a weekly chart, the pair has formed hammer candle stick pattern, which is bullish reversal candle stick pattern. Moreover, prices have been trading above its 21 DSMA which gives the sign of bullishness in the prices. A momentum indicator RSI has taken of its horizontal trend line at 30 levels, which suggest the possibilities of upside momentum in the prices. So for trading perspective, one can buy USDINR in the range of 64.40 with SL of 64.20 for the target of 64.90 levels.Outlook
So for trading perspective, one can buy USDINR in the range of 64.40 with SL of 64.20 for the target of 64.90 levels.
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.