USDINR
USDINR breakout for Long with Good R:RUSDINR has been consolidating since one week and tried to form a base (at the demand zone). In Previous day session it broke its resistance (73.65), and sustained above it. At current level it is looking good for long with good R:R, Minor hurdle at 73.9.
ShortRise towads 74 should be used to short for 72.20 sl 75.2
Buying will be done only In dip around 72
USDINR AnalysisThe price has broken down from a crucial level of support. Right now on the two-hour time frame, it seems to be respecting a diagonal level of support. A good entry point to go short might be to wait for it to break this level or for the price to retest the previous major level of support. There is also a strong zone around 72.5 which was acting as a previous resistance zone, so if entering short that could possibly be the first target.
USDINR - Bearish breakoutNote: This is for educational purpose only.
There seems to be a bearish breakout in USDINR with ultra high volume. However, RSI is below 30 which indicates oversold. Don't aggressively short this pair. There is a possibility of some bounce back before the next down fall.
USDINR can make a reversal of downtrend -RSI and RS are coming on reversal points making Dollar Stronger than Rs. This would result weaker Index
#USDINR all set for a long term upmove. USDINR in long term upmove, a W-X-Y zigzag in completion. This should aid an upmove in GOLD and SILVER priced in Rupee terms
Nifty Outlook for Thursday, 13th August | 50x InvestmentsNifty - Technical Analysis:
Nifty had a gap-down opening today but tried to fill the gap through the course of the day. The intraday trend was bullish.
Nifty once again took support around the 11240 levels but there is no clear momentum direction yet as indicated by the ADX indicating a week 14.61.
Market - Driving Factors:
Travel and Tourism stocks ended up today after Russia announced progress on a COVID vaccine. IndiGo ended over 10%, Spice Jet over 6%, Indian Hotels 4.61% and EI Hotels almost 2% higher.
Nifty PSU Bank index and Nifty Media index were the biggest gainers today and ended 2.7% and 2.37% in the green respectively. Nifty Pharma was the biggest loser today, ending 1.55% in the red.
Gold continued to slip and has now fallen around 7% in the last 5 days.
Nifty - Outlook for Thursday, 13th August:
There is no clear direction as to where Nifty might head in the short term. More details from Russia and WHO regarding the vaccine might give a direction to markets.
The fall in precious metal prices is an indication that an influx into equity might be occurring soon. This is a positive sign for markets. This coupled with the fact that the USD is expected to weaken puts India in a good position to receive FII investments.
DXY Technical supportDollar index at 93.24, 92.5 Level to watch on daily chart , breaking 92.5 levels can take DXY to 91 Levels.
Nifty Outlook for Monday, 10th August | 50x InvestmentsNifty - Technical Analysis:
Nifty had a gap-down opening on hourly charts and remained within a range throughout the day.
On the 15-minute chart, most candles had long upper and lower shadows indicating the presence of uncertainty in the markets.
9-period SMA closed above the 12-period SMA on 15-minute charts indicating the small positive bias in the markets.
Market - Driving Factors:
Vodafone Idea declared their Q1 results and it was once again a poor show in absolute terms. The stock still ended over 7% up because the results were better than street estimates. Lupin too had a poor Q1 and the stock ended over 6% lower.
Nifty IT and Pharma indices ended lower today probably because of a strengthening rupee. The Nifty PSU Bank index broke its poor recent run and ended almost 1% in the green.
Silver continued its stellar rally and is 2% up as of 5:18pm.
Nifty - Outlook for Monday, 10th August:
A break out from the 11000-11300 range could give some certainty to the direction of markets.
Such a breakout would at least lead to a measured move if not a deeper trend change for the long term.
A weekend break might just help markets get a direction and shift sentiment to one side. So, one should avoid any huge directional bets early on Monday till a direction emerges.
USDINR - Accumulation or DistributionNote: This is for educational purpose only.
Long term trend is bullish. Seems like bullish in short term trend. But unless the channel is broken, can't determine a clear accumulation or distribution phase.
