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Published on 22/09/2020 10:52:03 AM | Source: ICICI Direct

The index fell sharply and moved below its major Put base of 21500 - ICICI Direct

Posted in Currency Report| #Currency Tips #ICICI Direct

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Daily Snapshot

INR Futures

* US$INR futures rose on Monday as the dollar index recovered strongly against a basket of major currencies along with a sharp correction in domestic equities that contributed to gains in the pair

* The US dollar index soared on Monday and riskier currencies fell as investors looked for safety while stock markets around the world tumbled on fears of the economic implications of rising Covid-19 cases

 

Global Bonds

* Global equity market sell-off dragged the Nifty for a second consecutive session on Monday making it one of the worst declines amid rising concerns over a second wave of Covid-19 in Europe. Throughout the day, it remained negative as consistent selling was seen in banking, metal and FMCG stocks. If the Nifty is unable to hold 11200, which also commands significant OI, then more downside can be seen in coming days

* After consolidating for most of the day with stock specific activity, the index fell sharply and moved below its major Put base of 21500

 

FII & FPI Activities

* Foreign institutional investors (FII) were net buyers to the tune of | 2164 crore on September 18, 2020. They bought worth | 1824 crore in the equity market and also bought worth | 341 crore in the debt market. In September, FIIs have bought equities worth | 5948 crore so far while in the debt market they have bought worth | 2626 crore so far

 

Rupee Outlook and Strategy

* Key for the US currency’s direction this week will be a slew of Federal Reserve speakers, who may shed light on the US central bank’s new approach to inflation

* The dollar-rupee September contract on the NSE was at 73.58 in the last session. The open interest in the September series declined 5.02%, while it increased 2.74% in the next series

 

 

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