Monday, May 25, 2020

Buy Page Industries Target Price 20500

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Long Page Industries (PAGIND) May future in the range of 17800-18200. Target:  20500; Stop Loss:  16600

Page Industries has remained largely in the range since March between 17000-18000 levels and despite high volatility it was able to hold these levels. In the last few sessions, it has shown outperformance vis-à-vis market along with fresh long additions. The OI in the stock has risen by almost 15% since 15th May while the stock has gained close to 5% indicating long build-up. The delivery based buying seen in the stock around 17000 levels is likely to provide strong support on decline. We believe stock is likely to move above its consolidation range and it might attempt to test 20000 mark in the coming sessions.


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Thursday, May 7, 2020

Bank Nifty Derivatives trading tips

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Sell NIFTY BANK (OPT-CNXBAN-14-May-2020-19000-PE)  In the range of 190.00 - 200.00 
Target Price - 100.00 
Stop Loss price - 251.00


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Wednesday, May 6, 2020

Stock to Buy- RBL Bank

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Sale BATA INDIA LIMITED (FUT-BATIND-28-May-2020) in the range of 1,285.00 - 1,290.00 target 1,265.00 
Stop Loss- 1,295.00

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Buy Adaniport (Fur- ADANIPORTS- 28-May-2020) in the range of 282-283
Target - 287
Stop Loss- 279

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Buy TATA CONSULTANCY SERVICES LTD (FUTURE- TCS- 28-May-2020) in the range of 1,925.00 - 1,930.00
Target- 1,945.00
Stip Loss- 1,906.00

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Buy RBL Bank (FUT-RBLBANK-28-May-2020) in the range of 134-134.50
Target - Rs. 140
Stop Loss - 130.00


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Tuesday, May 5, 2020

Intraday trading Sale Maruti Suzuki India Ltd

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Options Sell NIFTY 50 (OPT-NIFTY-07-May-2020-9400-CE) In the range of 52.00 - 60.00
Target 15.00 - 
Stop Loss- 100.00 
Update-1- target achived Profit Rs. 3375 in 1 lot

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Option Sell Options Sell NIFTY BANK (OPT-CNXBAN-07-May-2020-20000-CE) in the range of 150.00 - 160.00 
Target 5.00 
Stop Loss 260.00
Update-1- Low 15.35- safe trader book profit of Rs. 2900 in one lot

 
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Sale MARUTI SUZUKI INDIA LTD (MARUTI) in the range of  4,750.00 - 4,770.00 

Target 4,630.00 

Stop Loss 4,810.00
Update - Stop loss hit please exit



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How to cut losses in stock Market

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How to cut losses in stock Market : Many investor selling stocks after a small gain only to watch them head higher, or holding a stock with a small loss, only to see it lose even more.

Taking corrective action before your losses worsen is always a good strategy. In investing, avoiding losses is not always possible, but successful investors accept this and try to minimize their losses rather than avoid them. 

Stop Loss Order: Losses can be limited by applying various loss cutting strategies and stop loss is one of them. The stop-loss order prevents emotions from taking over and will limit your losses. Importantly, once the stop loss is in place, do not adjust it as the stock price moves lower. It makes more sense to adjust the stop price when shares are moving higher.

In long term investment before investing in any stock first of all risk/reward ratio should be decided and when we achieve our profit goal we should either take our full profit or book partial profit with cost to cost stop loss order. 

Likewise profit target, loss limit also be pre-decided and whenever we hit out loss limit, we should exit from the stock.

How I limit my Losses

Step I - In first step, I set my risk/reward ratio before investment in any stock. Your reward should always be equal to more than your risk. Like 1:2 Ratio is better but one can take 1:1. In percentage it can be 4% or 8%.

Step II - Always strict to ratio and mark a stop loss equal to your risk. For e.g. I set my Loss percentage equal to 4%.

Step III - Whenever my trade goes wrong and i suffer from losses equal to half of my risk ratio E.g. 2%. I ask myself this simple question: "If I did not own this stock, would I buy it today?" If the answer is a resounding "No," then I sold it immediately. 

If the answer is yes and still stock fundamental and technical indicator are in bullish side then i add more quantity to average the stock and exit half of the add more quantity at my previous cost with trail stop loss.

Step IV- If still there is loss and stock price reach to my risk percentage than without thinking i exit from the stock and release my capital to invest again in quality stock.

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Sale JPYINR Currency Market tips

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Sale JPYINR FUTURE May expiry in the range of Rs. 71.12-71.22
Target - Rs. 70.30
Stop Loss- Rs. 71.60
Time frame- 2-3 Days



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Monday, May 4, 2020

Intraday call Nifty future

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Buy M&M (FUT M&M - 28-MAY- 2020) in the range of 370-371 
Target - Rs. 380
Stop Loss - 366
Update - Target hit Profit Rs. 9000 in one lot

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Sale NIFTY 50  (FUT-NIFTY-28-May-2020) in the range of 9370-9390
Target - 9240
Stoploss- 9460
Purely intraday call
Update 1- low 9290 safe trader book 100 points profit Rs 7500
Update 2- Target od 9240 achived Total profit Rs. 11250

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India Vix Vs Nifty correlation

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Typically, there is a inverse correlation between India VIX and Nifty. The India VIX represents the fear or risk factor in the stock market. Therefore, an increase in India VIX means risk is increase therefore market falls. If the India VIX is decreasing then it means that market should go up due to low risk and fear.

You can gauge the fear factor in the markets. If India VIX has risen anything over 10% then that day is a dangerous day to trade. You have to trade with caution.

India VIX has a range, usually from 10-15 which is normal.
In the last five years India VIX was highest at 86.64 on 24-March-2020 where on the same day nifty was 7511 at its 52 week low.
India VIX is fear factor index of traders. In the US traders can trade VIX but in India the volume is almost zero.
The trading symbol of the future contract of India VIX is INDIAVIX but no one trades.

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Sunday, May 3, 2020

Sale EURINR - Currency Market Tips

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Sale EURINR FUTURE May expiry in the range of Rs. 82.98-83.03
Target - Rs. 82.15
Stop Loss- Rs. 83.30
Time frame- 2-3days

Update1- Low 82.50 on 05-05-2020 - book 50% profit with remaining stop loss of Rs. 82.98

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Intraday Stock Market Tips - 4 May 2020

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Buy Auropharma (Fut- AUROPHARMA- 28-May-2020) in the range of 651-653
Target Rs 670.00
Stop Loss Rs 640.00
Update - Target achived Profit Rs 17000

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Sell Icici Bank (FUT- ICICIBANK- 28-May-2020) in range of 345-346 (04-May-2020 11:05)
Target 338.00
Stop Loss 350.00
Update - Target achived Profit Rs 9626

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Sell BAJAJ FINSERV LIMITED (FUT-BAFINS-28-May-2020)  in range of 4,780.00 - 4,800.00 (04-May-2020 09:58 )

Target  4,700.00
Stop Loss 4,825.00




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Saturday, May 2, 2020

Stock to Buy - 12 stocks for Long term Investment

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Following are the 12 stocks which can give a return upto 400% in next 10 years.

1. ICICI Lombard - CMP - Rs. 1290
2. Aarti Industries - CMP -Rs. 1102
3. Eicher Motors- CMP Rs. 14700
4. Info Edge -  CMP Rs. 2547
5. Sunpharma - CMP Rs. 464
6. Havells - CMP Rs. 563
7. Britannia - CMP Rs. 3165
8. ITC - CMP Rs. 182
9. HDFC Life - CMP Rs. 501
10. ICICI Securities- Rs. 365
11. Zee Entertainment- CMP Rs. 159
12. Bajaj Auto- CMP Rs. 2623


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Friday, May 1, 2020

Nifty Weekly Outlook 02 May 2020

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Equity benchmarks concluded truncated monthly expiry week on a cheerful note underpinned by strong global cues. The Nifty ended the week at 9860, up 706 points or 7.7%. Nifty midcap performed in tandem with benchmarks as it rose over 6%, indicating broader market participation. Sectorally, financials, metal and IT relatively outperformed while pharma stocks took breather after recent run up.

The Nifty has seen sharp up move of ~1000 points over past seven sessions, leading daily stochastic to approach overbought territory with reading of 94, indicating possibility of temporary breather cannot be ruled out. However, we believe any temporary breather toward 9400 should not be construed as negative instead it should be capitalised as an incremental buying opportunity. In the process we expect catch up activity would be seen in midcap and small cap stocks.


Structurally, the formation of higher peak and trough on the weekly chart for fourth consecutive week, underpinned by broadening of sectoral participation (as cycliclas continued to outperform), signifies broad based participation in turn suggesting rejuvenation of market breadth that augurs well for durability of ongoing up move, which makes us confident to upgrade the support base at 9400.

Erstwhile resistance of 9400 would now change its role and act as a strong support as per change of polarity concept.
Hence any dip from hereon should be capitalized as incremental buying opportunity.


Bank Nifty

Bank Nifty ended the April month on an optimistic note and at the highest point for the month. Decline in the US Dollar index from 100.70 levels provided cushion to INR which appreciated sharply from 76.7 levels. Most of the private banks supported the up-move however, short covering was seen in PSU leader like SBI due to strengthening of INR. Rollover was above average where most of the private banks saw long rollovers for the May series. As the Bank Nifty moved above 21000 levels, closure was seen in ATM strike Call and the OI moved to 22000 strike. Huge OI blocks were seen in 22500 strike Call as well which can act as a supply zone. However, Put writers continued to move higher as the index rose and for the May series, OI build-up is seen at 20500 Put strike which should provide cushion.



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Wednesday, April 29, 2020

Intraday Currency Market Call

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BUY EURINR 27th MAY 2020 At -- 81.68
Stoploss @ 81.5250  ::  Target 82.09

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BUY GBPINR 27th MAY 2020 At -- 93.75
Stoploss @ 93.58  ::  Target 93.99

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BUY JPYINR 27th MAY 2020 at -- 70.58
SL @ 70.46 :: Target # 70.9175

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BUY USDINR 27th MAY 2020 At -- 75.20
Stoploss @ 75.07 ::  Target = 75.44




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Tuesday, April 28, 2020

Buy Mindtree Ltd- Stock Recommandation

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Buy Mindtree  Ltd.- Stock Recommandation
Buy Mindtree Ltd. in the range of 880-885,
Target: | 960; Stop Loss: | 829;
Time frame: 15 Days


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Bank Nifty Derivatives Strategy

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Derivatives Strategy: Positional: Sell Bank Nifty April 20000 Put at 170-200, 
Target: 2, 
Stop-loss: 390, 
Time-frame: till April expiry  


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Positional Currency Call USDINR

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Positional Currency Call: 
Buy USDINR May future at 76.10-76.30, 
Target: 77.80, 
Stop-loss: 75.35, 
Time-frame: till May expiry 



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Monday, April 27, 2020

Buy Colgate Palmolive - Stock Recommandation

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Buy Colgate Palmolive in the range of 1500-1530,
Target: | 1735; Stop Loss: | 1408;
Time frame: Three months

Despite broader weakness, select consumption stocks have been witnessing continued buying interest and are
defying the market weakness on the back of strong resilience shown by sectoral heavyweights. A sharp decline in
crude prices also bodes well for stocks like Colgate. We believe the stock will continue its performance as it is approaching its life-time highs even in such a market scenario filled with jitters

Colgate has also seen significant closure in open interest during the market decline while the OI came down to 1.2 million shares from 3.5 million shares in February. However, it has started its up move after retesting its 2019 lows near 1100. Since then, its OI has increased sharply by almost 50% indicating ongoing long additions. As it has already moved towards its breakdown levels of 1500 seen in February, we expect it to move towards its life-time
high levels in the coming weeks

The major Call options base of Colgate was placed at the 1400 strike for the April series. As the stock has started trading above these levels, upsides are likely to continue in the coming sessions

The stock has seen major delivery based activity in January near 1300. Since then, it has failed to sustain above these levels. As it has started trading above these levels, we expect further buying momentum to be seen.

The stock was included in MSCI India in November 2019. Hence, in case of resumption of FII investment, it is likely to
witness significant upsides.

In the recent market weakness, Colgate had moved below its long term mean line but has moved above it once again.

Currently, mean levels for the stock are placed near 1300. We expect the positive bias to remain intact till it trades above these levels.

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Saturday, April 25, 2020

Derivatives strategies - Long Asian Paints Future

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Long Asian Paints (ASIPAI) April future in the range of 1805-1815.
Target: 1895;
Stop Loss: 1755

Consumption stocks have shown significant resilience and witnessed buying at lower levels despite negative market sentiments. Asian Paints is one such stock which has moved near its Feb levels while Nifty is still hovering around 9000 levels. The open interest in the stock has declined sharply at inception of the series. Despite gradual build up of positions, the total OI is relatively low ion the stock. We believe long positions should be formed in the stock and it is likely to move towards Feb highs in the coming sessions. The highest Put base for the stock is placed at ATM 1800 strike suggesting expectations of limited downsides.


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Nifty weekly outlook 25 April 2020

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Nifty has broadly remained above crucial 8900 levels during the week which shows some resilience exhibited at higher levels. The currency also appreciated a bit towards the close of the week which supported the pullback from 8900 levels. FIIs selling has reduced significantly which has led to this consolidation. Buying is seen in sectors like FMCG and Pharma. The volatility cooled-off further to sub 40 levels which soothed the market sentiments. The start of result season has also led to more stock specific moves within a broader range of Nifty.

Technical Outlook
On the weekly chart, Nifty50 formed a Hanging Man pattern, potentially a bearish candlestick pattern. The index continued to consolidate within the prior week’s range while facing strong resistance at 9,350 level for most part of the week. The recent rally from the low of 7,500 has unfolded in the form of a Rising Wedge pattern, which was clearly evident on the daily timeframe chart, which is a bearish indication. A break below the 9,100 level will confirm the Rising Wedge breakdown and the index may retest the 8,800 level on the downside. Traders can initiate shorts for a break below 9,100 in Nifty50.




Bank Nifty -

Last week Nifty has managed to move and sustain above 9000 levels but under-performance was clearly visible in Bank Nifty which again slipped below 20000 levels. However, Bank Nifty traded in a broader range amidst high volatility. Sharp appreciation was seen in INR from its sizeable Call base of 77 with lower Crude Oil prices triggering positive sentiments for domestic equities. IV's have further contracted from 46 levels and it slipped below 40 levels which is a positive sign going forward. Absence of any major buying by the FII's in the cash segment are likely to keep the index move in check. Call OI blocks are seen in 20000, 20500 and 21000 strikes whereas Put OI base is seen at 18500 strike which remains the key support area for the upsides to continue. Rollover activities are likely to pick up which will trigger some intraday volatility going ahead.



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Friday, April 24, 2020

Nifty bank Put Option tips

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NIFTY BANK  (OPT-CNXBAN-30-Apr-2020-18500-PE) 
Sale in the range of 200-210
Target 120/80
Stop loss 205

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Currency Tading at NSE FAQ

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FAQ on Options on USD-INR Spot Rate

A. What are Currency Options?
Currency Options are contracts that grant the buyer of the option the right, but not the obligation, to buy or sell underlying currency at a specified exchange rate during a specified period of time. For this right, the buyer pays premium to the seller of the option.

B. What is the need for Exchange traded Currency Options?
The need for Exchange traded currency options arises on account of the following
reasons:
1. Options have the comparative advantage of maintaining a certain degree of flexibility in hedging, as, while protecting against a downside risk, they allow the
investor from profiting from favorable movements of the foreign exchange rates
by simply not exercising the option.
2. The exchange platform brings in all attendant benefits of transparency, finer
spreads, access, safety, central counterparty, etc.

C. What is the underlying for USD-INR options?
Underlying is US Dollar – Indian Rupee (US$-INR) spot rate.

D. What is the type of options?
USD-INR option contracts are Premium styled European Call and Put Options.

E. What is the trading hour and size of USD-INR options contract?
The trading hours are from 9 a.m. to 5.00 p.m. on all working days from Monday to
Friday and the contract Size is US$ 1,000.

F. What is the quotation of USD-INR options?
The premium is quoted in rupee terms. However, the outstanding position is in USD terms.

G. What is the contract cycle for USD-INR options?
The contract cycle consists of three serial monthly contracts followed by three quarterly contracts of the cycleMarch/June/September/December.

H. What is the settlement mechanism for USD-INR options?
USD-INR options contracts are cash settled in Indian Rupee.

I. Which day is the expiry/last trading day?
The expiry / last trading day for the options contract is two working days prior to the last working day of the expiry month.

J. How settlement price is derived?
The final settlement price is the Reserve Bank of India USD-INR Reference Rate on the date of expiry of the contracts.

K. Which day is the final settlement day?
The options contract would expire on the last working day (excluding Saturdays) of the contract month. The last working day would be taken to be the same as that for
Interbank Settlements in Mumbai. The rules for Interbank Settlements, including those for ‘known holidays’ and ‘subsequently declared holiday’ would be those as laid down by FEDAI.

L. How would contracts be settled at expiry?
On expiry date, all open long in-the-money contracts, on a particular strike of a series, at the close of trading hours would be automatically exercised at the final settlement price and assigned on a random basis to the open short positions of the same strike and series.

M. What is the Initial Margin levied in USD-INR Options?
The Initial Margin is based on a worst scenario loss of a portfolio of an individual client comprising his positions in options and futures contracts on the same underlying across different maturities and across various scenarios of price and volatility changes. In order to achieve this, the price range for generating the scenarios is 3.5 standard deviation and volatility range for generating the scenarios is 3%. The initial margin is deducted from the liquid net-worth of the clearing member on an online, real time basis. The sigma is calculated using the methodology specified for currency futures in SEBI circular no. SEBI/DNPD/Cir-38/2008 dated August 06, 2008 and is the standard deviation of daily returns of USD-INR futures price.

N. What is the Extreme Loss margin?
Extreme loss margin of 1.5% of the notional value of the open short option position is
deducted from the liquid assets of the clearing member on an on line, real time basis. Notional Value is calculated on the basis of the latest available Reserve Bank Reference Rate for USD-INR.

O. What is Net Option Value?
The Net Option Value is the current market value of the option times the number of
options (positive for long options and negative for short options) in the portfolio. The Net Option Value is added to the Liquid Net Worth of the clearing member. Thus, mark to market gains and losses is not settled in cash for options positions.

P. What is the Calendar Spread Margin levied on USD-INR Options?
A long currency option position at one maturity and a short option position at a different maturity in the same series, both having the same strike price is treated as a calendar spread. The margin for options calendar spread is same as specified for USD-INR currency futures calendar spread.
The calendar spread margin is calculated on the basis of delta of the portfolio in each
month. A portfolio consisting of a near month option with a delta of 100 and a far month option with a delta of –100 would bear a spread charge equal to the spread charge for a portfolio which is long 100 near month currency futures and short 100 far month currency futures.

Q. How premium paid by the buyer is settled?
Premium is paid by the buyer in cash and paid out to the seller in cash on T+1 day. Until the buyer pays in the premium, the premium due is deducted from the available Liquid Net Worth on a real time basis.

R. What is the Position Limit at Client level?
The gross open positions of the client across all contracts (both futures and options
contracts) not to exceed 6% of the total open interest or USD 10 million whichever is higher. The Exchange disseminates alerts whenever the gross open position of the client exceeds 3% of the total open interest at the end of the previous day’s trade.

S. What is the Position Limit at Trading Member level?
The gross open positions of the trading member across all contracts (both futures and options contracts) not to exceed 15% of the total open interest or USD 50 million
whichever is higher

T. What is the Position Limit for Banks?
The gross open positions of the bank across all contracts (both futures and options
contracts) not to exceed 15% of the total open interest or USD 100 million whichever is higher

U. What is the Position Limit at Clearing Member level?
No separate position limit is prescribed at the level of clearing member. However, the
clearing member ensures that his own trading position and the positions of each trading member clearing through him is within the limits specified above.


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Thursday, April 23, 2020

Nifty Derivative call 24 April 2020

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Sale NIFTY 50 (OPT-NIFTY-30-Apr-2020-9000-PE)

Sale in the range of 100-110

Market Lot: 75
Target: 75/ 45

Stop Loss: 145

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Wednesday, April 22, 2020

Today Nifty Call 23 April 2020

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Nifty Apr futures contract (NSE)
Sale Nifty future in the range of 9215-9230
Market Lot: 75
Target: 9100/ 9000 Stop Loss: 9283
Support: 9014/8830 Resistance: 9301/9404


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Today Currency Call 23 April 2020

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The dollar-rupee April contract on the NSE was at 76.55 in the previous session. The open interest has remained almost flat during the session

The rupee has gained on the back of softness in the dollar and expected inflows from the Reliance Industries and Facebook deal. However, till the rupee does not move below 76 levels, weakness is likely to persist

US$INR Apr futures contract (NSE)
Buy US$ in the range of 76.44-76.46 Market Lot: US$1000
Target: 76.85/ 76.95 Stop Loss: 76.25
Support: 76.25/76.15 Resistance: 76.85/77.95


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Tuesday, April 21, 2020

Today Currency Call - 22 April 2020

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Today Currency Call - 22 April 2020

US$INR Apr futures contract (NSE)
Buy US$ in the range of 76.75-76.80 Market Lot: US$1000
Target: 76.95/ 77.10 Stop Loss: 76.70

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NSE BUY CALL Cadila Healthcare

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The pharma space has come into the limelight in the last couple of weeks after multiple USFDA approvals were observed for Indian pharma companies. We believe the outperformance in this space will continue and current decline in stocks like Cadila Healthcare provides another opportunity to create long positions. Like most stocks, open interest in Cadila also reduced sharply during the profit booking in March. The stock witnessed more than 50% closure in OI since February as it has come down from almost 9 million shares to just 4 million shares at the inception of the April series. In the recent sharp up move, fresh open interest has been added but the total OI is still lower and is at multi-month lows.
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NSE BUY Call- Dabur India

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The stock has been a major outperformer during the current market turmoil. It has witnessed a strong recovery in the last three weeks from the major support area of 380-400 being the long term demand line support joining lows since May 2017 and is currently placed at the cusp of registering a fresh all time high above 525 signalling strength and offers fresh entry opportunity. Structurally, the stock has almost completely retraced its entire previous four weeks decline (525-386) in just three weeks. A faster retracement of the last major correcting segment signals strength and a robust price structure.


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Monday, April 20, 2020

Today Currency Call - 21 April 2020

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US$INR Apr futures contract (NSE)
Buy US$ in the range of 76.55-76.65 Market Lot: US$1000
Target: 76.95/ 77.10 Stop Loss: 76.35
Support: 76.35/76.10 Resistance: 76.95/77.35

Status- First target achived


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Sunday, April 19, 2020

NIifty Weekly outlook 19-04-2020

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Equity benchmarks extended gains for second week in a row amid firm global cues. Nifty ended the truncated week at 9267, up by 1.7%.Broader market outperformed the benchmark indices as Nifty Midcap and small cap gained 4% and 7%, respectively. Sectorally all major indices ended in green led by financials, Metals, Infra, Auto and Pharma.

The Nifty extended gains, on an expected line, as it formed a weekly bull candle with lower shadow indicating elevated buying support at 8800 mark, which is 38.2% retracement of most recent up leg (8055-9261). During the week, Nifty hit intra week high of 9324 thereby approaching in the vicinity of 9500 levels.

It is expect index to resolve higher and challenge 9500 levels, led by strength in global equities while progress on containment of COVID-19 will act as a tailwind. Major US benchmarks have retraced their entire fall already by 50% and showcasing further strength.

Hence if nifty sustained close above 9500 levels would further accelerate the positive momentum thereby leading Nifty towards psychological mark of 10000 levels over coming month.
In the process, we do not expect Nifty to breach a strong support at 8500 levels which is 80%retracement of last two week's up move (8361-9324). Thereby we advise investors to capitalise any dip from here on towards 8800 levels as an incremental buying opportunity, paving the way to challenge the upper band of consolidation of 9500 in coming week.


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Saturday, April 18, 2020

Currency Market Overview

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The currency markets have gone through a period of high turbulence amid Covid-19 fears. When emerging market currencies have declined 25-40%, Indian rupee has shown significant resilience and depreciated by a mere 6%.

This resilience of the rupee may continue due to improving macros in India. Also, as the RBI has been quite active and announced measures to curb rupee depreciation, the pace of rupee depreciation would remain quite slow. It would continue to outperform the emerging market currencies. USD/INR is expected some reversal from the crucial hurdle of 78.5, towards 75.5.

Key Highlights :-

Rupee has outperformed other emerging market currencies in the recent Covid-19 mayhem.

FII outflows of near 1,23,000 crore in both equity and debt segment has led to recent rupee depreciation. RBI has taken the bold step of selling dollars of more than $17 billion in a month, not seen in a decade

India macros to remain better as Crude Oil is expected to remain lower for longer time frame.

In the previous rupee depreciation cycles, whenever the RBI had started intervening, the rupee depreciation pace was reduced significantly. The same is expected in the current cycle where rupee is already outperforming major emerging market currencies.

It is expect that the US$INR to find strong resistance near 78.5. It could decline from these levels in the medium term towards 75.5.


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