Apr 24, 2015 - Kunal Shah. Research Head
. Ravi D'souza. Research Associate ravi.dsouza@nirmalb
April 24, 2015 Mohammed Azeem Analyst - Technicals Currencies
[email protected]
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USDINR Medium-Term Technical Outlook
April 24, 2015
USDINR Medium-Term Technical Outlook
USDINR: USDINR has formed a long term triangle pattern as seen in the weekly chart. This week it has given a bullish breakout and is trading well above the breakout level. If we get a weekly closing above 63.10 (the recent weekly high) we may see USDINR touching new highs in the medium term. Even the RSI is taking support and has room to move upwards in the near future. OUTLOOK: We expect USDINR (SPOT) to continue trading in a bullish trend on the close above 63.10 for medium term target of 65.25. In the long term we expect the pair to touch new highs. Though a small dip in price even after a closing above 63.10 cannot be ruled out but the trend will be bullish. Traders can go long in USDINR MAY contract on dips (once we get a weekly closing above 63.10 in spot).
TRADING STRATEGY (On spot’s closing above 63.10): BUY USDINR MAY CONTRACT PARTIAL AT 63.50 & PARTIAL AT 63.10 FOR TARGETS OF 65.50 & 65.80 WITH A STOP LOSS BELOW 61.90
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April 24, 2015
USDINR Medium-Term Technical Outlook
RESEARCH TEAM Name
Designation
E-mail
Kunal Shah
Research Head
[email protected]
Ravi D’souza Somya Dixit Devidas Rajadhikary
Research Associate Research Analyst Technical Analyst
[email protected] [email protected] [email protected]
Harshal Mehta Mohammed Azeem Sakina Mandsaurwala Ishwar Kelwadkar
Technical Analyst Technical Analyst Research Associate Research Associate
[email protected] [email protected] [email protected] [email protected]
Disclaimer: This Document has been prepared by N.B. Commodity Research (A Division of Nirmal Bang Commodities Pvt. Ltd). The information, analysi and estimates contained herein are based on N.B. Commodities Research assessment and have been obtained from sources believed to be reliable. Thi document is meant for the use of the intended recipient only. This document, at best, represents N.B. Commodities Research opinion and is meant fo general information only. N.B. Commodities Research, its directors, officers or employees shall not in any way be responsible for the contents stated herein N.B. Commodities Research expressly disclaims any and all liabilities that may arise from information, errors or omissions in this connection. Thi document is not to be considered as an offer to sell or a solicitation to buy any securities. N.B. Commodities Research, its affiliates and their employees may from time to time hold positions in securities referred to herein. N.B. Commodities Research or its affiliates may from time to time solicit from or perform investment banking or other services for any company mentioned in this document. Address: Nirmal Bang Commodities Pvt. Ltd., B2, 301 / 302, 3rd Floor, Marathon Innova, Opp. Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel (W), Mumbai - 400 013, India
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