Market Outlook

The Indian rupee and bonds rallied at market opening on Monday after exit polls suggested the election will give a clear mandate for the ruling party led coalition. But traders said market gains would be kept in check ahead of the vote counting on Thursday. On the flip side, dollar is pushing toward the two-year high it hit in April in early trading in Europe on Monday, after election victories for business-friendly incumbents in Australia and India offset ongoing worries over trade relations between the U.S. and China.

Fundamental News

  • Aussie set for biggest rise in 2019 after shock election win.
  • Yuan Rises; PBOC Vows to Continue with Stimulus.
  • Japan’s economy surprised everyone by growing last quarter,bucking economists’ expectations for a mild contraction.
  • German EcoMin: German oil supply security is not affected by problems from Russian pipeline contamination.

USDINR found support on lower levels closed around its resistance. If continue positive movements then find resistance around psychological level of 70.0000 above which it may shows more bullish movements.

EURINR after negative opening found support on lower levels closed with loss. Sustaining above 78.0000 mark in upcoming session currency pair shows bullish movements and find resistance around 78.5000.

GBPINR opened with negative bias showed sideways movements closed with negative note. Currency pair shows positive movements if able to sustain above 89.0000 mark and find strong resistance around 89.5000.

JPYINR showed positive movements after negative opening closed around its day high. Now, 63.4000 is act as immediate support zone for the currency pair sustaining above this mark it may find resistance near 64.0000.

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