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Daily Snapshot

* The rupee managed to gain another 6 paise amid good flow in domestic equities and muted crude oil prices. The rupee closed at 74.4 levels in the last session

* The dollar continued to remain near its three month’s high as T note yields move higher along with sign of US manufacturing activity. However, gains were limited as equities curbed liquidity demand.

* The Nifty opened higher and touched an intraday high of around 15900 though it reversed from higher levels but managed to close with a gain of more than 0.20%. Looking at options data, we expect the Nifty to face resistance at higher levels as healthy Call writing was seen at 15900 and 16000 strikes

* On Friday, the Bank Nifty outperformed the Nifty as it closed with a gain of more than 0.91%. Private banks supported the Bank Nifty as they closed with healthy gains

* Foreign institutional investors (FII) turned net buyer to the tune of | 3442 crore on July 22. They bought worth | 4310 crore in the equity market and sold worth | 868 crore in the debt market

Rupee Outlook and Strategy

* The US$INR has moved towards the lower band of consolidation. Looking at the closure in OTM strike Calls we feel a move towards 75 could be seen in coming days

* The dollar-rupee July contract on the NSE was at | 74.47 in the last session. The open interest rose almost 1.5% for the July series.

US$INR Strategy

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