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Last Updated : Mar 01, 2019 04:52 PM IST | Source:

Sell USDINR; target of 71.05 - 70.95: ICICI Direct

ICICI Direct expects USDINR to meet supply resistance at higher levels. Utilise upsides in the pair to initiate short positions.

Representative image
Representative image

ICICI Direct's currency report on USDINR

Spot Currency

The rupee closed sharply higher amidst relatively positive news regarding India-Pakistan geo political conflict. Rupee could trade in a range even as market participants would further await development on current escalation • The dollar remained steady against major currencies in yesterday trade. Gains against JPY and GBP were offset by losses against other currencies. Investors await outcome of US-China trade talks even as meeting between North Korean leader and US president remained relatively muted. Risk sentiment should improve if USChina Trade talks turn out positive.

Benchmark yield

Government bonds rose sharply on Thursday as Rupee strengthened amidst signs of calm between India and Pakistan. Investors would be tracking further moves in crude oil prices ahead of host of monetary policy meetings this month • US treasury yields rose as risk sentiment improved in yesterday session ahead of US Employment data.

Currency futures on NSE

The dollar-rupee March contract on the NSE was at 71.09 in the previous session. March contract open interest declined 4.32% in the previous session • We expect the US$INR to meet supply resistance at higher levels. Utilise upsides in the pair to initiate short positions.

Intra-day strategy 

US$INR March futures contract (NSE)View: Bearish on US$INR
Sell US$ in the range of 71.22 -71.30Market Lot: US$1000
Target: 71.05/70.95Stop Loss: 71.43
S1/ S2: 71.0 / 70.90R1/R2:71.20 /71.35
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

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First Published on Mar 1, 2019 10:51 am
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