172@29@17@242!~!172@29@0@53!~!|news|business|stocks|sell-usdinr-target-of-75-10-74-90-icici-direct-2-5648301.html!~!news|moneycontrol|com!~!|controller|infinite_scroll_article.php!~!is_mobile=false
Moneycontrol
Subscribe to PRO at just Rs.33 per month. Use code SUPERPRO
Last Updated : Aug 05, 2020 12:07 PM IST | Source: Moneycontrol.com

Sell USDINR; target of 75.10 - 74.90 : ICICI Direct

ICICI Direct As the Dollar index saw a sharp reversal from its two year’s low and started moving up.

Broker Research

ICICI Direct's currency report on USDINR

Spot Currency

The rupee spot prices did not appreciate much and closed the day almost flat above 75 levels. However, futures saw a decline of almost 20 paisa in the last session amid buoyant equities. We believe that breach of 74.50-75.50 range will bring a sharp directional move in the currency pair • The Euro witnessed a sharp up move in July and is consolidating near highs. We do not se any major weakness. The current momentum is likely to continue after a brief consolidation.

Currency futures on NSE

As the Dollar index saw a sharp reversal from its two year’s low and started moving up. The rupee also depreciated. However, considering high Call base at 75.50 strike, current levels are crucial in the downtrend • The dollar-rupee contract on the NSE was at 75.30 in the last session. The open interest in August series increased 2.5% while in the next series it increased more than 4%.

Intra-day strategy 

US$INR Aug futures contract (NSE)View: Bearish on US$INR
Sell US$ in the range of 75.33-75.37Market Lot: US$1000
Target: 75.10/ 74.90Stop Loss: 75.48
Support: 75.10/74.90Resistance: 75.48/75.65

Close

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.

First Published on Aug 5, 2020 12:07 pm
Sections