Market Outlook

Against the US dollar, the Indian rupee apreciated by 14 paise to open at 69.5975, as counting of votes for the seven-phase Lok Sabha elections is still going on. The counting exercise is on in over 4,000 counting centres. The BJP-led National Democratic Alliance (NDA) is on course to retain power for a second term as the alliance is leading in 336 constituencies. Domestic bourses opened on a bullish note Thursday with both benchmark indices Sensex and Nifty hitting all-time highs.

Fundamental News

  • Sterling hit with May on the brink, FOMC minutes support the US dollar.
  • German private sector maintains modest pace of output growth in May.
  • French Private Sector activity grows at quickest pace for six months.
  • EZ flash PMI signals subdued business growth amid stagnant demand.

USDINR found support on lower levels closed above its psychological level. Now, if sustain on higher levels then currency pair continue its bullish movements towards next resistance zone of 70.5000.

EURINR showed bullish movements after negative opening closed with partial gain. Sustaining above 78.0000 mark in upcoming session give strength to particular currency pair and found resistance near 78.5000.

GBPINR after negative opening found support and closed around its resistance. 89.0000 is seen as strong resistance zone for the currency pair if sustain above this mark it may shows positive movements towards 89.2000.

JPYINR gave false breakout on lower levels and closed above its resistance zone. Currency pair continue its bullish movements if able to sustain above its support of 63.3000 and find resistance around 64.2000.

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