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Dust of Uncertainties about Settle - HDFC Securities
* In line with other Asian currencies, rupee expected to trade higher in today’s trade even after weaker than expected IIP and CPI data. The sound you hear is a bunch of risks being taken off the table in markets.
* Phase 1 trade deal agreed between US and China
* UK Conservatives appear to have majority
* Democrats & Republicans aver US government shutdown
* Fed is adding $500m a year end liquidity
* Indian rupee gave away most of Thursday’s gain to close with a paise gain to 70.84 following central bank intervention to curb volatility.
* A close below 100-DMA support will set up for a test of the November low. Any initial test of 200-DMA at 70.29 should hold on first attempt given slow stochastic are so stretched.
* India’s bonds are poised to trade lower after a report late Thursday showed inflation accelerated to the fastest pace in more than three years. Consumer price index rose 5.54% in Nov. y/y versus 4.62% in Oct.
* On the other hand, the Index of Industrial Production (IIP) with base 2011-12 for the month of October 2019 stands at 127.7, which is 3.8 percent lower as compared to the level in the month of October 2018.
* There are some reports related to raising the investment limit for foreigners in government bonds to at least 10% of outstanding stock from the current 6%.
* The pound has enjoyed its biggest surge in a decade as the City cheered predictions of a strong Conservative majority that would finally end the Brexit deadlock. It leapt more than 3pc versus the dollar to hit $1.35, a 19-month high.
USDINR DECEMBER FUT. :
* USDINR December futures formed long legged Doji candlestick pattern indicating indecisiveness among traders near previous bottom. However, the trend remains bearish with view of sell on bounce.
* Momentum oscillator, RSI continued downward spree and about to enter oversold zone.
* Now, the crucial support seen in the range of 70.50 while resistance at 71.50
USDINR DEC. FUT. DAILY CHARTS
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HDFC Securities Limited (HSL) is a SEBI Registered Research Analyst having registration no. INH000002475
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