The Indian stock markets have been in a buoyant mood helping the cause of the Indian Rupee (INR), Senior Technical Analyst Anuj Gupta said. Gupta, who is a Deputy Vice President, Commodity and Currency Research at Angel Broking said that the rupee is expected to gain from here.
Gupta further said that the news around vaccine has been encouraging and that has augured well for the economy. With the revival of the economy, the rupee is expected to appreciate. Moreover, the positive commentary and the latest PMI numbers by IHS Markit released on Tuesday point towards this, he further said.
Weekly trading strategy for USDINR Futures
At 4:26 pm, the USDINR December Futures were trading at 73.86, down by almost 0.4 per cent.
As the Dollar is expected to get weakened, Gupta recommended a Sell on the USDINR futures. He suggested selling at 74 with a sop loss of Rs 74.50 and target of Rs 73.30.
Around this time, the spot price was 73.63 against the USD.
Meanwhile, expert Amit Sajeja, Vice President -Research, Commodity and Currency at Motilal Oswal said that the USDINR continues to face stiff resistance at levels around 74.40, with immediate resistance at 74.20. It is likely to continue heading steadily lower and a test of 2-week trough of 73.80 looked possible, he said.
Amit Sajeja’s Strategy –
Weekly Expiry on 4 December 2020 – USDINR Sell 74.25CE/SELL 73.25PE
Monthly Expiry on 29 December 2020 – USDINR Sell 75.25CE/SELL 72.50PE
Outlook for other currencies by Sajeja
EURINR (December) – The pair is likely to trade in a higher range between 87.80 and 88.45
GBPINR (December) – This is constantly facing resistance at 99.10 and a corrective dip towards immediate support at 98.30 looks possible in short term. He advised selling on rise.
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JPYINR (December) – The pair is likely to trade in the range between 70.80 and 71.20
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