Good Morning
It’s a late start of the day. Indian rupee is mostly stable against the US dollar while European currencies were slightly up against the INR.
Local Nifty Index fell by 60 points after almost flat opening. Indian markets failed to replicate the DJIA action where the index rose over 173 points during the New York session. In the electronic session now the DJIA future is down almost 20 points.
The Indian rupee is expected to be a flat against the US dollar today before any concrete decision is taken on Irish front. European and IMF leaders are at Dublin to decide on a possible bailout of debt ridden Ireland.
Markets and economists are now betting that Ireland will accept tens of billions of euros in loans from the European Union and the International Monetary Fund, which sent a joint mission to Dublin Thursday to begin talks. Ireland is reluctant to take a rescue package, fearing erosion of its sovereignty and pressure to change its coveted tax system.
Today, Indian rupee is expected to see range trading between 45.15 to 45.40, I would prefer buying at 45.15 rather selling at higher levels as change in Indian fundamentals suggest mild depreciation of Indian rupee.
As per the Indian cross is concerned, GBPINR is a good bet to buy. Preferred buying level for Nov contract is at 72.55. Expected target- 72.75-72.80
In commodities today, Silver looks buy for intraday. Crude oil should be range bound between $81 to $83 a barrel (NYMEX Jan Light Sweet)
In base Metals complex, range bound trading is expected following developments in Europe and market is looking for a concrete action from them.
AVOID AGGRESSIVE TRADING TODAY
It’s a late start of the day. Indian rupee is mostly stable against the US dollar while European currencies were slightly up against the INR.
Local Nifty Index fell by 60 points after almost flat opening. Indian markets failed to replicate the DJIA action where the index rose over 173 points during the New York session. In the electronic session now the DJIA future is down almost 20 points.
The Indian rupee is expected to be a flat against the US dollar today before any concrete decision is taken on Irish front. European and IMF leaders are at Dublin to decide on a possible bailout of debt ridden Ireland.
Markets and economists are now betting that Ireland will accept tens of billions of euros in loans from the European Union and the International Monetary Fund, which sent a joint mission to Dublin Thursday to begin talks. Ireland is reluctant to take a rescue package, fearing erosion of its sovereignty and pressure to change its coveted tax system.
Today, Indian rupee is expected to see range trading between 45.15 to 45.40, I would prefer buying at 45.15 rather selling at higher levels as change in Indian fundamentals suggest mild depreciation of Indian rupee.
As per the Indian cross is concerned, GBPINR is a good bet to buy. Preferred buying level for Nov contract is at 72.55. Expected target- 72.75-72.80
In commodities today, Silver looks buy for intraday. Crude oil should be range bound between $81 to $83 a barrel (NYMEX Jan Light Sweet)
In base Metals complex, range bound trading is expected following developments in Europe and market is looking for a concrete action from them.
AVOID AGGRESSIVE TRADING TODAY
1 comment:
Thanks for the detailed write up. Good stuff!
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