The Indian market (Nifty Fut-I/India-50) closed around 11318 Tuesday, plunged by almost -0.78% in late hours trade on higher USD after Indian Finance Ministry officials’ comments that they see rupee at 72-73 against the US dollar as “fair value” and 10Y bond yield at near 8% “could attract more capital inflows”. The Indian Finance Ministry “sources” also reportedly said rupee should not fall more than 2% (from present level) against the US dollar and rupee could come under pressure again once new US sanctions against Iran come into force.
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Technical View:
Technically, whatever may be the narrative, Nifty Fut-I (NF) has to sustain over 11400 for a further rally to 11430/11460 and only sustaining above 11460, it could further rally to 11515/11535 and 11580/11605-11650/11680 in the near term (under bullish case scenario).
On the flip side, sustaining below 11380, NF may fall to 11315/11280-11260/11230 and only sustaining below 11260, it could further plunge to 11180/11130-11050/10950 in the near term (under bear case scenario).
Technically, Bank Nifty Fut-I (BNF) has to sustain over 26650 for a further rally to 26850-27050 and only sustaining above 27050, it could further rally to 27300-27550 in the near term (under bullish case scenario).
On the flip side, sustaining below 26600, BNF may fall to 26500 and only sustaining below 26500 BNF could further fall to 26250-26100 and further 26000/25800-25650/25500 in the near term (under bear case scenario).
Technically, USDINR-I has to sustain over 72.70-73.05 for a further rally to 73.25/73.75-74.25/74.45 and 75.00-75.65 in the near term (under bullish case scenario).
On the flip side, sustaining below 72.40, USDINR-I may fall to 72.15/71.95-71.50/71.25 and 70.90/70.50-70.00/69.75 and further up to 69.15 in the near term (under bear case scenario).
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