USDINR has entered the bearish zone after breaking the monthly bullish trend line in July. This recent rally can be seen as a relief rally. Since July it is giving lower high and is unable to sustain above 67.25.
Revarsal of trend indicated by close above 67.3 and confirmed at a close above 67.5 in a couple of weeks time. A sharp bull back with a close above 67.1 in a couple of days could be harbinger of a faster recovery.
But, rupee to strengthen again from here if we follow the monthly trend with an end of short term uptrend observed recently.
Calls at 67.3, 67.5 can be safely written. Similarly puts of 66.25 & 66 can be written for the month expiry.
Revarsal of trend indicated by close above 67.3 and confirmed at a close above 67.5 in a couple of weeks time. A sharp bull back with a close above 67.1 in a couple of days could be harbinger of a faster recovery.
But, rupee to strengthen again from here if we follow the monthly trend with an end of short term uptrend observed recently.
Calls at 67.3, 67.5 can be safely written. Similarly puts of 66.25 & 66 can be written for the month expiry.