Market Outlook

Indian Rupees has given bounce back after two days continue down side movement and closed above its important support level The US Dollar Index, which measures the greenback’s performance against a basket of six major currencies, languished near two-week lows during the Asian session on Wednesday. as optimism surrounding a major U.S. tax reform bill began to subside , The Income-Tax Department has unearthed undisclosed income of Rs 7,961 crore post demonetisation, from November last year to March, Parliament was informed today.

Fundamental News

•    Germany Producer Price Index (MoM) below expectations (0.2%) in November: Actual (0.1%).
•    European Monetary Union Current Account n.s.a dipped from previous €41.8B to €35.9B in October.
•    Crypto Today: Bitcoin slips 20% from record highs, Bitcoin cash rallies 65%


USDINR pair has given some bounce back from its lower level and closed the day near to its days high.It has crucial support of 64.0000 if it sustain below this level  then more down side movement can be seen, 64.3000 is act as a resistance mark above this it may show correction.



EURINR pair started the day with gap up opening and continued its northward journey, closed with good gain.
This pair is taking resistance of its downward slopping trend line i.e. around 76.2000 level above this bullish movement may be seen where as 75.5000 is majore support level.



GBPINR pair opened with gap up and manages its strength throughout the day, closed the session with positive note.
Now, it has 86.1000 as an immediate resistance level if it manages to hold this mark then it can move towards the next resistance level of 86.6000.  85.7000 is crucial support.



JPYINR pair started the day with gap down and followed its down side movement, settled the day with loss.
This pair has crucial support of 56.5000 below this it can continue its southward journey towards next support of 56.3000. On higher side 56.9000 is good resistance level.


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