Market Outlook

Indian rupee erased some of its gains after surging over 1% on Friday after credit rating agency Moody’s Investors Services upgraded the nation’s sovereign ratings to Baa2 from its lowest investment grade, and changed the outlook on the rating to stable from positive.
The president of the European Central Bank warned in a speech in Frankfurt that although the eurozone economy was ‘robust’, recovery was still heavily reliant on stimulus from the European Central Bank.

Fundamental News

•    United States CFTC USD NC net positions up to $152.6K from previous $147.1K.
•    United Kingdom CFTC GBP NC net positions increased to £-4.5K from previous £-9K.
•    European Monetary Union CFTC EUR NC net positions dipped from previous €85K to €84.6K.

USDINR

USDINR pair showed good short covering form its support zone and closed the day near to its days high.It has 65.2500 as a major resistance level if it manages above this then more upside movement can be seen, 64.9000 is crucial support zone.

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EURINR

EURINR pair started the day with weakness and hovered under tight range, settled with weak note.Now, 76.5000 is important support level for it below this correction is expected up to 76.000. Whereas 77.0000 is major resistance mark.

2

GBPINR

GBPINR pair is unable to hold its higher level and came down, closed with weak note.For coming session if its price sustain below 85.5000 then down side break out can be seen, 86.3000 is important resistance level.

3

JPYINR

JPYINR pair has given good recovery after testing its support level and closed the day with gain.58.0000 is act as major resistance level if it manages above this then more upside movement can be seen. 57.6000 is support level.

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