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USDINR: Buy on dips around with SL below 64.80

SMC | 09 Oct, 2017  | Follow Author | Add to my Favourites 
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Technical View:


USDINR: After last three weeks of continuous rise USDINR prices witnessed sharp correction in the previous week and tumbled till the low of 65.13 but recovered slightly by the ended of the week and finally closed at 65.55.

- Pair has exactly tumbled till the key break out supports and is reverting from the same. Going forward, as long as the pair holds above 65.12 upward trend remains intact. For the week supports are at 65.10 then 64.81, while the resistances are seen at 65.81 then 66.40.

- Major momentum indicators stochastic, RSI and MACD are still on the positive note signifying bullish strength.

- As mentioned above the 65.12 will hold has a key support and we expect the pair to re-bounce towards 65.80 then 66.40 levels. Hence, recommend buying on dips around 65.26 with stop loss below 64.80.

Action: Buy.


EURINR: Since April 2017, EURINR pair has been trading on the positive note along with the rising trend line. However, last week it breached the trend line support and ended at 76.82.

- Pair has made double top formation and has given bearish break down of the rising trend line. Now the immediate support is at 76.34, breach below that will draw down the pair till the 74.65 and lower. On the higher side resistance are seen at 77.25 then 78.02.

- Momentum indicator stochastic has made negative crossover and RSI is sliding lower from the oversold zone indicating bearish signs.

- For the week, we expect EURINR pair to remain lower and recommend selling around 77.00 for the targets of 75.50 then 75.00.

Action: Sell.


GBPINR: After five week of continuous rise GBPINR pair witnessed sharp correction and tumbled lower in the last week and ended at 85.78 losing 2.30%.

- Pair has come down till the neckline support of ascending triangle pattern and settled just above that. For the week, neckline support of 85.15 holds as key support and break down below that will draw down the pair till trend line supports of 82.47. However, if pair manage to hold above 85.15 than can once again revert towards 89.35 and higher in coming sessions.

- Momentum indicator RSI has witnessed sharp decline and has tumbled till 55. While, the stochastic is at edge of cross.

- As mentioned above 85.15 holds as a key support and as long as it holds above that upside trend remains intact and thus recommend buying around 85.25 for the targets of 87.00 then 87.80.

Action: Buy


JPYINR: After two sessions of minor pull back, JPYINR pair once again gave up its gains and traded lower in the last week and ended at 58.10 posting minor losses.

- The pair has almost retested the break down trend line resistance and is slowly sliding lower from there. Going forward it has immediate resistance at 59.10 then 59.65 whereas on lower side, supports are seen at 57.19 then 56.46. On the broader scenario the pair is trading within narrow range of 56.45 - 59.65.

- Momentum indicator RSI has slipped slightly lower and stochastic has already made negative cross over indicating bearish signs.

- For the week, we expect JPYINR pair to remain lower and recommend selling on rise around 58.30 for targets of 57.20 then 56.50.

Action: Sell

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About SMC
SMC Research, founded in 1990, is India’s leading share and stock broker, provides a wide range of financial services and investment solutions. A blend of extensive experience, diverse talent and client focus has made us the 4th largest broking house in India(Source: Dun and Bradstreet, 2008). Over the years, SMC has expanded its operations domestically as well as internationally. Existing network includes regional offices at Mumbai, Kolkata, Chennai, Cochin, Ahmedabad, Jaipur, Hyderabad, Bangalore plus a growing network of 2100+ offices spread across 425 cities/towns in India.

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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor accept any liability whatsoever arising from the use of any of the above contents.

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