Spot rupee, futures review (19marc) : Commtrendz Research
Published on Friday, March 19th, 2010 at 11:02 AMAuthor: onlinecommoditycalls (1958 Articles)
The Indian Rupee weakened once again helped by dollar’s recovery against the major currencies. Even Standard & Poor’s raising the country’s outlook did little to lift sentiment.
S&P on Thursday affirmed its ratings on India and raised its outlook to stable from negative, on expectations that the country’s fiscal position could begin to recover and the economy would remain on a strong growth path.
The partially convertible rupee ended at 45.4450/4550 per dollar, 0.2 percent weaker than 45.34/35 at close on Wednesday.
The benchmark BSE share index rose for the third straight day, rising 0.2 percent to touch its highest close in two month’s after S&P’s outlook upgrade.
One-month offshore non-deliverable forward contracts were quoted at 45.49/50, weaker than the onshore spot rate.
Strong resistance is now seen at 45.55 zone. While below here there are chances of a fall towards 45.40 again. The zone keeps narrowing and a likely break below 45.34 to take prices towards 45.20 or even lower towards 44.95.
Direct rise above 45.55 would lessen the scope of a decline.
As expected we saw a pullback to 45.55-60 levels. However, while below here we can expect a decline to 45.38/40 levels.
We still favor a test of 45.35 levels in the big picture. Will abandon our bearish view on a clear close above 45.71.
Courtesy: Commtrendz Research
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