Golden Investment Research (P) Limited
Free stock market Live News (11.48Am)
Goldennifty says:ICICI expects the US dollar to attract some selling pressure on rallies against the INR. ``Utilize the highs in the USD/INR January contract to sell below 52.27 with target of 52.08/52 and a stop loss of 52.35,``
``In the currency futures market, the most traded near-month dollar-rupee contract on the NSE closed at 51.96. The USD/INR January open interest was up by 4.5%. The February contract witnessed a decrease in open interest by 2.1%,`` it notes.
``Opening indications from the international markets are mixed but overnight developments locally would dominate markets sentiments today. Asian equity markets were a tad higher this morning and the Singapore Nifty futures indicate a flat open for the Indian equity markets.``
``After markets closed yesterday, the Indian government notified a 100% FDI into single brand retail. The notification paves the way for more investments into the domestic retail sector and would result in dollar inflows in the near future. This news is likely to dominate Sentiments today.``
Commenting on the strategy on USDINR Futures December Series, broking firm Goldennifty said, ``As expected, the USDINR fell sharply after the support of Rs 52.46 was broken on Tuesday. The unit should now find support near Rs 51.350 and Rs 51.500. There is an intermediate support at Rs 51.73 which could be tested in opening trade today. The outlook remains negative but we don`t see the Rupee gaining beyond Rs 51 on a near term basis.`
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