The derivative data shows a short covering as the price has risen while open interest fell from the previous day - HDFC Securities
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Technical Observations:
USDINR Dec fut has been consolidating in the range of 82.40 to 83 since Dec.12. We can see the formation of a bullish flag pattern with a breakout confirm above 83.
The pair is held well above the Supertrend line.
In the near term, the pair has support at 82.40 and 82. On the higher side, crossing 83 will clear the way for 83.77.
Momentum oscillator, Relative Strength Index, is hovering around 60, a sign of consolidation in an uptrend.
Directional Movement index is also suggesting a sideways trend.
The derivative data shows a short covering as the price has risen while open interest fell from the previous day
USDINR Dec fut is expected to trade between 82.10 to 83.25 in the coming days.
USDINR December Futures Daily Chart
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory
