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ICICI Securities

Published on 27/03/2020 2:37:54 PM

INR futures and Outlook

• The dollar-rupee March contract on the NSE was at 74.45 in the previous session. Open interest increased 4.15% in the last session.

• Utilise downsides in the pair to initiate long positions.

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Swastika Investmart Ltd

Published on 27/03/2020 1:43:57 PM

Posirional Sell 28th April 75.50 CALL/PUT at CURRENT SPREAD-1.50, SL SPREAD-2.10, TGT SPREAD-0.30 and 0.00

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SEBI Reg. No. :  NSE/BSE/MSEI: INZ000192732

HDFC Securities

Published on 27/03/2020 11:49:18 AM

Rupee Gains as Fund Outflows Lose Momentum - HDFC Securities 

Indian rupee catch up Asian currencies amid risk on sentiment following US stimulus package. Also, Indian governments relief measures for poor boosted market sentiments. We observed the fund outflows from the domestic equities and debt market losing momentum which augur well for Indian rupee.

Indian rupee gained 1.25% or 95 paise to 75.15 a dollar. We expect recent appreciations could continues in today’s session as well with resistance seen around 74.30. The rupee one month volatility also cool down to 11.93% from 13% few days back.

Technically, spot USDINR is having support at 74.70 and resistance at 75.50.

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SEBI Registration number is INZ000171337

Swastika Investmart Ltd

Published on 27/03/2020 11:30:21 AM

RBI clarification: Credit cards loans are not included in 3 months moratorium.

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SEBI Reg. No. :  NSE/BSE/MSEI: INZ000192732

Axis Securities

Published on 27/03/2020 11:13:35 AM

GBPINR

GBPINR opened with an upward gap and witnessed selling for most part of the session. However last hour pullback action pulled GBPINR higher to close on a positive note. GBPINR closed at 89.92` with a gain of 0.21 %.

On the daily chart GBPINR has formed a Bullish candle with a long lower shadow indicating buying at lower levels GBPINR is moving in a Higher Top and Higher Bottom formation on the daily chart indicating sustained up trend. GBPINR is trading below 20 day SMA's which is important short term moving average, indicating negative bias in the short to medium term .

The chart pattern suggests that if GBPINR crosses and sustains above 90 level it would witness buying which would lead GBPINR towards 90.50-91 levels. However if GBPINR breaks below 89.80 level it would witness selling which would take GBPINR towards 89-88.50.

The daily strength indicator RSI and momentum oscillator Stochastic both are in positive territory which supports upside strength.

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SEBI Registration number is INZ000161633

Axis Securities

Published on 27/03/2020 11:13:15 AM

JPYINR

JPYINR open on flat note and witnessed profit booking initial hour however buying support at lower levels recovered some of the earlier losses. JPYINR closed at 68.50 with a loss of 0.53 %.

On the daily chart JPYINR has formed a Bearish candle forming lower High-low compare to previous session and has closed below previous session's low indicating negative bias JPYINR is moving in a Lower Top and Lower Bottom formation on the daily chart indicating sustained down trend. JPYINR is trading below 20 and 50 day SMA's which are important short term moving averages, indicating negative bias in the short to medium term .

The chart pattern suggests that if JPYINR breaks below 68.30 level it would witness selling which would take JPYINR towards 67.90-67.50. However if JPYINR crosses and sustains above 68.60 level it would witness buying which would lead JPYINR towards 68.80-69.30 levels.

The daily strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias. However momentum oscillator Stochastic has turned positive from the oversold zone indicating a possible consolidation or a up-move in the near term.

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SEBI Registration number is INZ000161633

Axis Securities

Published on 27/03/2020 11:12:50 AM

EURINR

EURINR open on flat note and witnessed profit booking initial hour however buying support at lower levels recovered some of the earlier losses.. EURINR closed at 82.52 with a loss of 0.41 %.

On the daily chart EURINR has formed a small Bearish candle forming higher High-low compare to previous session indicating positive bias EURINR is moving in a Higher Top and Higher Bottom formation on the daily chart indicating sustained up trend. Currently EURINR is sustaining above its 20 day SMA which support bullish sentiments in near term.

The chart pattern suggests that if EURINR breaks and sustains below 82.40 levels it would witness selling which would lead EURINR towards 82-81.50 levels. However if EURINR crosses above 82.60 level it would witness buying which would take EURINR towards 83-83.60.

The daily strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias. However momentum oscillator Stochastic has turned positive from the oversold zone indicating a possible consolidation or a up-move in the near term.

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SEBI Registration number is INZ000161633

Axis Securities

Published on 27/03/2020 11:12:32 AM

USDINR

USDINR opened on a flat note and witnessed selling from the opening tick to end near the day's low. USDINR closed at 75.1 with a loss of 1.4 %

On the daily chart USDINR has formed a sizable Bearish candle forming lower High-low compare to previous session and has closed below previous session's low indicating negative bias. USDINR is moving in a Lower Top and Lower Bottom formation on the hourly chart indicating short term downtrend. Currently USDINR appears to be approaching the 20-day MA which stands near 74.

The chart pattern suggests that if USDINR breaks below 75 level it would witness selling which would take USDINR towards 74.50-74. However if USDINR crosses and sustains above 75.20 level it would witness buying which would lead USDINR towards 75.50-76 levels.

The daily strength indicator RSI and momentum oscillator Stochastic have both turned negative from the overbought zone and are below their respective reference lines indicating negative bias.

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SEBI Registration number is INZ000161633

Swastika Investmart Ltd

Published on 27/03/2020 11:07:19 AM

RBI comes out with lots of measures to ensure the stability of the financial system and inject liquidity in the market amid ongoing turmoil of pandemic. Banks are being motivated to lend by the cut in both Repo rate and CRR, where LTRO money should be invested in commercial papers by banks and that will be considered as a held to maturity, therefore, there will be no issue of MTM losses. So we should expect lower yields in the corporate bond market, therefore, the bond market should rejoice to RBI policy.  Three months moratorium on all term loans is another relief for all including NBFCs, Banks, Corporate and the general public.  It is a very good policy to cheer the market but the problem is that the market has already rallied too much from lower levels ahead of policy and real trend decider for the market will be the trend in new cases of Covid-19 globally and locally.

(-Santosh Meena (Sr. Research Analyst, Swastika Investmart)

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SEBI Reg. No. :  NSE/BSE/MSEI: INZ000192732

Kedia Commodities

Published on 27/03/2020 10:58:36 AM

KEDIA: UPDATE - 
* USD/INR drops as RBI surprises with 75 bps rate cut
* Government and c.bank in all out effort to mitigate effect of virus lockdown
* Govt outlined $23 bln stimulus Thur to help poor hit by lockdown.
* India 10-year bond yield drops sharply to 6.04 eyes Mar 9 low at 5.995

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