Short USDINR Target 71.32 short term

OANDA:USDINR   U.S. Dollar / Indian Rupee
Short USDINR Target 71.32 short term.
According to Indian market today Nifty , Bank Nifty , Sensex all bounce up with a strong bull rally. also USDINR four hours chart looking bearish .
Fundamentals to Watch New Governor, Political parties Exchange, Indian market zoomed up.

USDINR short term target 71.32.
Trade closed: target reached: Update: Target revise to 71.60 and not 71.32 as per technical data. I've already booked profit if you're a risk taker then trail the stop loss and watch every penny counts
Comment: Darn! We almost reached our first initial target 71.32 and second target 71.60 has broken.
Comment: USDINR four hour chart looks bullish go Long 72.30 Target today or next week Monday

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Can anyone tell me this chart and discussion is of spot price or of future price ?
Jahir_Jack replytoyog
@replytoyog, this chart is totally based on technicals, trend line and patterns.

Most of the trade i done in spot price and in future both
Yes..New Governor has been received very positively by all stakeholders especially banks...
TP:71.30 .. then may test 70.80, if crude stablizes around b/w 60-62/-
@RKJS, Help me here if possible, for what exact reason previous chairman was fired from the job.
Jahir_Jack French_Fries
@French_Fries, If you mean by the RBI governor, Mr. Urjit Patel wasn't fired He resigned. reason politically and financially unstable
French_Fries Jahir_Jack
@Jahir_Jack, Thanks a lot, so when you say financially unstable, do you mean is that somewhere related to the under water loans. I'm wondering if there are 09 style problems brewing under the surface.
Jahir_Jack French_Fries
@French_Fries, Yes. Mainly for bad loans and under pressure IRB
French_Fries Jahir_Jack
@Jahir_Jack, @RKJS Thanks Both of you!! I'm new to indian markets and still in a process of testing the waters. I have two more basic question, and i will greatly appreciate if you can answer

1. Why people in India pour their money in banking stocks ( Specially HDFC ), i've never see a product being traded like the bank nifty does, is the reason pure speculation or there is some fundamental reason for doing so? I do know that state run banks are always in trouble, is it not the case with privately owned banks ?

2. Is there a St Louis Fed like equivalent for Indian Central bank

RKJS French_Fries
@French_Fries, To answer the first part of your question Banking sector is integral to any emerging economy... and like any industry there leaders and laggards. HDFC has been a consistent performer on all fronts - growth, management, ratios, NPA etc
Secondly, Indian central bank is RBI - Reserve Bank of India akin to your FED and has been on cleansing spree with the entire banking system w.r.t. NPA and have done a fairly good job .. sometimes going too far with tightening (surely for good reasons :-) )
+1 Reply
@RKJS, Thank pal for the explanation, so its a pretty different environment in India in that case, people here in states hate bank stocks, when they tank we actually celebrate for obvious reasons.
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