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
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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
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Darn! We almost reached our first initial target 71.32 and second target 71.60 has broken.
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USDINR four hour chart looks bullish go Long 72.30 Target today or next week Monday
Can anyone tell me this chart and discussion is of spot price or of future price ?
Ilikethehell
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@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
RKJS
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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/-
French_Fries
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@RKJS, Help me here if possible, for what exact reason previous chairman was fired from the job.
Ilikethehell
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@French_Fries, If you mean by the RBI governor, Mr. Urjit Patel wasn't fired He resigned. reason politically and financially unstable
French_Fries
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@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.
Ilikethehell
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@French_Fries, Yes. Mainly for bad loans and under pressure IRB
French_Fries
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@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
@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 :-) )
French_Fries
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@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.