USD/INR Futures (December):- The unit has support level of Rs 50.09 and resistance level of Rs 50.624. But it has now moved down to the lower end of the trading band increasing the possibility of bearish break down. The current trend formation is one of a consolidation after the long corrective move but Yesterday`s move has increased the possibility of the resumption of the downtrend. For intraday, traders are advised to wait for the monetary policy review before taking fresh trading positions.
The USD/INR (January) open interest was down by 2.89%. The February contract increased in open interest by 10.38%. The US dollar is likely to attract some selling pressure on rallies against the INR. Therefore, utilise the highs in the USD/INR (January) contract and sell below 50.36 for target of 50.18/50.09 with a strict stop loss of 50.45.
The USD/INR (January) open interest was down by 2.89%. The February contract increased in open interest by 10.38%. The US dollar is likely to attract some selling pressure on rallies against the INR. Therefore, utilise the highs in the USD/INR (January) contract and sell below 50.36 for target of 50.18/50.09 with a strict stop loss of 50.45.
