Market Outlook

The Indian rupee and bond prices fell on Monday, tracking losses in global equities and currencies markets after strong job data increased prospects of a rate hike by the US Federal Reserve next month. The next US Fed policy will start on 21 March. The dollar index steady in morning trade. The US dollar fell mildly against the Japanese yen after rising on Friday following strong jobs data. Ajay Manglunia of Edelweiss AMC said, “The volatile swings seen post the Budget is expected to persist till the MPC review this week.”

Fundamental News

  • European Monetary Union Retail Sales (YoY) meets forecasts (1.9%) in December.
  • United Kingdom Markit Services PMI below forecasts (54.3) in January: Actual (53).
  • European Monetary Union Markit PMI Composite came in at 58.8, above forecasts (58.6) in January.

    5 6

USDINR

USDINR pair open with partial gain unbale to sustain on higher levels closed with flat note. If sustain below 64.1800 than more correction is expected in it towards next support level i.e. around 64.0000. On higher level 64.4000 is immediate resistance for it.

1

EURINR

EURINR open with negative bias showed bearish movement and closed around its support. Now, psychological level of 80.0000 is act as vital support for it, if sustain below this mark than more correction is expected in it. Whereas, 80.6000 is act as strong resistance.

2

GBPINR

GBPINR showed negative movements found strong resistance of 91.0000 level and closed around its support. For upcoming session if it breaks immediate support level of 90.4000 than it may drag towards next strong support i.e. 90.0000. On higher side 91.0000 is major resistance.

3

JPYINR

JPYINR pair open with positive bias after correction unable to sustain on higher levels closed with partial gain. Now, if it manages to hold above its resistance of 58.6500 than bullish rally is expected in it towards next resistance. On lower levels 58.3000 is act as strong support.

4

(Click to submit your details) Just one step to get best trading tips and Recommendation.

Leave a Reply

Your email address will not be published. Required fields are marked *