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TRADING CALLS

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HDFC Securities

UPDATE

Published on 19-03-2024 11:02 am

Technical Observations:

USDINR March futures took support at a lower line of the downwardslopping channel.

The pair is closed above 21 DEMA.

Though it has recovered in the past three days, the medium-term trend remained bearish as long as it trades below 83.20.

Momentum Oscillator, RSI of 14 days indicated a short-term bounce as it has been heading higher.

Short Term Trend: Short Covering

Expected Trading Range: 83.15 to 82.90

Intraday Recommendation: Buy USDINR Mar. Fut. at 82.99 SL 82.89 Target 83.14

USDINR March Futures Daily Chart

 

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Kedia Commodities

SELL

Published on 19-03-2024 10:29 am

JPYINR

Observations

JPYINR trading range for the day is 55.6-55.8.

JPY weakened as investors braced for the Bank of Japan’s policy decision this week

BOJ officials have repeatedly stated that it could start normalizing monetary policy if a positive cycle between rising wages and inflation is sustained.

Japan's core machinery orders, fell 1.7% month-on-month to 823.8 billion yen in January 2024

SELL JPYINR MAR @ 55.8 SL 56 TGT 55.6-55.4

 

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Kedia Commodities

SELL

Published on 19-03-2024 10:29 am

GBPINR

Observation

GBPINR trading range for the day is 105.36-105.78.

GBP steadied as investors await UK inflation and the BoE decision for fresh guidance.

UK public's inflation expectations fall, Bank of England survey shows

The BoE is expected to maintain interest rates unchanged as UK inflation is far from the 2% target.

SELL GBPINR MAR @ 105.8 SL 106 TGT 105.3-105.1.

 

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Kedia Commodities

SELL

Published on 19-03-2024 10:28 am

EURINR

Observations

EURINR trading range for the day is 90.14-90.56.

Euro remained in range with investors preparing for upcoming central bank meetings in major economies.

ECB’s Rehn remarked that the central bank had initiated discussions about rate reductions at the March meeting

ECB indicated preparations for its first interest rate cut after revising down inflation expectations for 2024 and 2025.

SELL EURINR MAR @ 90.45 SL 90.65 TGT 90.25-90.05.

 

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Kedia Commodities

SELL

Published on 19-03-2024 10:27 am

USDINR

Observations

USDINR trading range for the day is 82.81-82.99.

Rupee closed lower pressured by weakness in Asian currencies and dollar purchases by state-run banks.

India's forex reserves jump to over two-year high of $636.1 bn

RBI highlighted "large and repetitive food price shocks" as one of the biggest risks to the ongoing disinflation trend.

SELL USDINR MAR @ 83 SL 83.1 TGT 82.9-82.8.

 

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