For the day if GBPINR trade and sustains above 97.25 levels - Axis Securities
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USDINR
USDINR opened with an upward gap and remained lackluster within narrow trading range throughout the day. USDINR closed at 81.78 with a gain of 0.06 %. On the daily chart USDINR has formed a bearish candle however it has continue to form higher High-Low formation indicating positive bias USDINR is moving in a Higher Top and Higher Bottom formation on the daily chart indicating sustained up trend. USDINR 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 USDINR crosses and sustains above 82 level it would witness buying which would lead USDINR towards 82.20-82.40 levels. However if USDINR breaks below 81.70 level it would witness selling which would take USDINR towards 81.50-81.30. The daily strength indicator RSI and momentum oscillator Stochastic both are in positive territory which supports upside strength
EURINR
EURINR opened with a downward gap and remained negative throughout the day. EURINR closed at 83.77 with a loss of 1.16 %. On the daily chart EURINR has formed a long Bearish candle forming lower HighLow compare to previous session indicating negative 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. For the day if EURINR trade and sustains above 84.55 levels then it may move further upward towards 84.75-84.95 levels. On the downside an immediate intraday support is around 83.70 levels.. The daily strength indicator RSI and momentum oscillator Stochastic have both turned negative and are below their respective reference lines indicating negative bias
JPYINR
JPYINR opened with a downward gap and remained negative throughout the day. JPYINR closed at 57.71 with a loss of 1.3 %. On the daily chart JPYINR has formed a sizable bearish candle and closed below previous session's low indicating weakness JPYINR is moving in a Higher Top and Higher Bottom formation on the daily chart indicating sustained up trend. Currently JPYINR is sustaining above its 20 and 50 day SMA which support bullish sentiments in near term. For the day if JPYINR trade and sustains above 58.50 levels then it may move further upward towards 58.70-58.90 levels. On the downside an immediate intraday support is around 57.70 levels.. The daily strength indicator RSI and momentum oscillator Stochastic have both turned negative and are below their respective reference lines indicating negative bias
GBPINR
GBPINR opened with a downward gap and remained negative throughout the day. GBPINR closed at 96.63 with a loss of 0.71 %. On the daily chart GBPINR has formed a long Bearish candle forming lower HighLow compare to previous session indicating negative bias. GBPINR is moving in a Higher Top and Higher Bottom formation on the daily chart indicating sustained up trend. Currently GBPINR is sustaining above its 20 day SMA which support bullish sentiments in near term. For the day if GBPINR trade and sustains above 97.25 levels then it may move further upward towards 97.45-97.70 levels. On the downside an immediate intraday support is around 96.50 levels. The daily strength indicator RSI and momentum oscillator Stochastic have both turned negative and are below their respective reference lines indicating negative bias
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