USDINR opened at 74.23 y’day and the pair traded in the 74.19-74.40 range. Spot USDINR closed at 74.37 , gain of 20 ps for USD as against prior close of 74.17. RBI reference rate was fixed at 73.92 on 09/11. Nov USD/INR closed at 74.50, gain of 15 ps for USD as compared to prior day’s close of 74.35. Nov Euro/INR closed at 87.75, GBP/INR at 98.78 and Yen/INR at 70.67.
FII’S nett bought Rs 16994 Cr of Indian Equities in Oct . FII’S nett bought Rs 3776 Cr of Indian debt securities in Oct . In this financial year, FII’S have nett bought Rs 96478 Cr of Equities and have sold Rs 31032 Cr in debt. In FY 19-20, FII’s have sold Rs 10200 Cr of Equities and 47393 cr of debt.
Benchmark Nifty climbed 0.93% Y’day. DOW declined 23 points (0.08%).Nikkei climbed 1.78% and Hang seng declined 0.28%.
Euro is now at 1.1782,Pound at 1.3222,Yen at 105.23.
Commodities: Gold is now at USD 1867 and WT1Crude at USD 41.70/Brent at USD 44.
Interest rates: USD 10 Yr yield is at 0.94% and 3 m libor closed at 0.25%. Indian 10 yr benchmark yield closed at 5.91%.
Economic news: Govt approved production linked incentive for 10 sectors totalling Rs 1.35 lac cr over 5 years. Sectors covered are pharmaceuticals, automobiles and auto components, telecom and networking products, advanced chemistry cell battery, textile, food products, solar modules, white goods, and specialty steel. PLI is aimed to make Indian manufacturers globally competitive, attract investment in the areas of core competency and cutting-edge technology, ensure efficiencies, create economies of scale and enhance exports,
Data highlights: – No major data release.
Wednesday’s calendar: – US weekly jobless claims and CPI
-EU industrial production.
-UK GDP, industrial and manufacturing production.
Daily Support/Resistance table
MAJOR SUPPORTS/RESISTANCES AND TREND TABLE
Technicals: Spot closed below 100 and 200 day moving average. 20 day moving average is at 73.89. 50 day moving average is at 73.61.200 day moving average is at 74.17. Daily MACD is in buy zone, implying bottom at 73.03. Important support is at 73.90/73.75 and important resistance is at 74.90 . Spot closed above its average level of the day.
Intra day supports and resistances for Nov contract are:
PP:74.42,S1:74.34, S2:74.18, R1:74.58, R2: 74.66.
Hedging strategy for USD/INR: Hedging decisions be taken according to comfort and accounting rates.
CROSS CURRENCY TECHNICALS:
EURO/USD: The pair is above all major moving averages. Next Major resistance is at 1.1920 and later at 1.20. Major support is at 1.1610. Daily MACD is in buy zone, implying an important bottom at 1.1610. Weekly MACD is in sell zone, implying important top at 1.20.
GBP/USD: The pair is above all major moving averages . Daily MACD is in buy zone, implying important bottom at 1.2850 and weekly MACD is in sell zone, implying important top at 1.3484. Important support is at 1.2850/1.2670 . Important resistance is at 1.3275.
USD/YEN: The pair is below major moving averages. Daily MACD is in sell zone, implying important top at 105.35. Next important resistance is at 105.35/106.10. Important support is at 101.20.
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