IGI Logo

Published on 23-04-2024 10:28 am

Euro and Pound Outlook

* Euro slipped marginally by 0.02% yesterday amid weaker than expected economic data from euro zone and dovish comments from ECB officials. ECB Governing Council member Centeno said central bank could cut interest rates by more than 100 bps this year. For today, EURUSD is likely to face resistance near 1.0680 level (10-Day EMA) and slip towards 1.0620 levels amid firm dollar and divergence in monetary policy. US Fed is expected to delay its first rate cut to September while ECB is likely to begin cutting rates since June meeting. EURINR April is likely to slip towards 88.60 levels as long as it trades below 89.10 levels.

* Pound is expected to slip towards 1.2290 levels as long as its stays below 1.2400 level amid firm dollar. Meanwhile, sharp downside would be cushioned on expectation of improved manufacturing and services pmi data from Britain. GBPINR April is likely to slip further towards 102.50 level as long as it stays below 103.10 levels

Click Here - https://tinyurl.com/2hyut8uz

Please refer disclaimer at https://secure.icicidirect.com/Content/StaticData/Disclaimer.htmlSEBI Registration number INZ000183631

Published on 23-04-2024 10:01 am

GBPINR

Observation

GBPINR trading range for the day is 102.2-103.92.

GBP dropped influenced by geopolitical risks and statements from major central banks.

Bank of England's Deputy Governor comments on inflation risks fail to support Sterling as it hits new lows.

Mixed economic data from the UK with stagnant retail sales in March, contrasting with modest annual growth.

BUY GBPINR APR @ 102.8 SL 102.5 TGT 103.1-103.3

Click Here -https://tinyurl.com/mrcnzdj3

(Disclaimer: https://bit.ly/2ziDavw)

Published on 23-04-2024 10:00 am

EURINR

Observations

EURINR trading range for the day is 88.62-89.16.

Euro remained in range as investors awaited flash PMI figures from Europe's largest economies.

Euro zone inflation is likely to decline further and ECB may cut interest rates if its long-standing price growth criteria are met.

The consumer price inflation rate in the Euro Area was confirmed at 2.4% year-on-year in March 2024

BUY EURINR APR @ 88.75 SL 88.55 TGT 88.95-89.1

Click Here -https://tinyurl.com/mrcnzdj3

(Disclaimer: https://bit.ly/2ziDavw)

Published on 23-04-2024 09:53 am

TECHNICAL OUTLOOK

* Benchmark index traded with positive bias yesterday as it closed with 0.86% gain at 22336 level. Banking index performed in line with the benchmark index as it closed with 0.74% gain at 47925 level.

* India VIX closed with 5.63% cut at 12.70 level.

* Among Sectors NIFTYPSUBANK index performed better than the benchmark index as it closed with 3.07% gain while NIFTYMETAL index underperformed as it closed with 0.25% cut.

* Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.82% and 1.31% gains respectively.

* Advance/Decline ratio was in favour of advances and cash turnover was lower than 5-day average. FII were net sellers while DII were net buyers in the cash segment.

* European markets (DAX) and US markets (DJIA) closed higher yesterday. Asian Markets are largely trading higher today.

Intraday Market Outlook

* Benchmark index is likely to trade range bound today. Index has support at 22250 - 22200 level and resistance at 22450 - 22500 level.

* Banking index is likely to trade in line with the benchmark index today with support at 47700 - 47500 level and resistance at 48300 - 48500 level.

* TCS has closed with bullish candlestick and it is likely to trade with positive bias today.

Click Here - https://tinyurl.com/36wehma6

Please refer disclaimer at https://www.mnclgroup.com/disclaimerSEBI Registration Number is INZ000043833

Published on 23-04-2024 09:51 am

Nifty

Nifty opened with an upward gap and w it n e ss e d e x tr e m e v o l a ti l it y throughout the day. Nifty closed at 22371 with a gain of 224 points. On the daily chart the index has formed a "Doji" candlestick formation indicating indec isiveness among st mar ket participants regarding the direction. The chart pattern suggests that if Nifty crosses and sustains above 22400 level it would witness buying which would lead the index towards 22500-22600 levels. Important Supports for the day is around 22150 However if index sustains below 22150 then it may witness profit booking which would take the index towards 22050-22000 levels.

Click Here - https://tinyurl.com/bde3ps8m

Please refer disclaimer at https://jainam.in/SEBI Registration No.: INZ000198735, Research Analyst: INH000006448, PMS: INP000006785