Sell US$INR September future around 74.00-74.10, Target: 72.30, Stop loss: 75.05
We expect the rupee to appreciate further as consistent FII inflows in domestic equities along with continued weakening of the dollar due to near zero interest rates for the longer term will keep further pressure on the pair. US$INR futures have an immediate hurdle at 74.50 level. As long as it sustains below this level, we will see this appreciation trend continuing in the near term towards the next major support around 72.30 level.
Buy Gold mini (GOLDMI) October future around Rs. 50650-50900, Target: Rs. 56000, Stop loss: Rs. 49300
We believe gold prices will benefit as a perceived hedge against inflation and currency debasement triggered by the money printing by global central banks to ease the economic blow from the pandemic. Hence, we expect gold prices to bounce from current levels towards immediate target placed around | 56000.
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