USDINR: Buy on dips with strict stop loss placed at 63.38 | Outlook on currencies | Investment Idea | Indianotes.com
USDINR: Although the prices opened marginally higher in the last session it failed to sustain and slipped lower from the high of 63.94 and ended at 63.78. On the higher side the immediate resistance of a trend line is around 63.96 and while the supports are at 63.65 then 63.40. Currently pair is just trading above the immediate support of 63.65 and if it holds strong above that, then a pullback can seen till 63.96 then 64.10. Thus we continue to recommend buying on dips around 63.65 with strict stop loss at 63.38. Action: Buy.
EURINR: On Wednesday, EURINR pair continued its gains and tested a high of 79.65 and finally ended at 79.50. The pair is on the firm note and is slowly inching higher towards the next resistance of 80.08. The continues up move can provide profit booking and could lead to minor corrections and thus we recommend buying on dips around 79.30 for upside targets of 80.00 for the day. Action: Buy.
GBPINR: After opening with a minor gap up at 90.30 GBPINR pair surged till the high of 90.80 in the initial hours. In the second half it failed sustain and finally ended on flat note at 90.32. As the pair failing to hold at higher levels is indicating minor corrections till the supports of 89.95 and thus we recommend buying on dips around above mentioned supports of 89.95 levels for the day. Action: Buy.
JPYINR: After witnessing steep up move for last few sessions, JPYINR witnessing minor selling during yesterday and ended at 58.68 forming inverted doji candle stick pattern. Now the immediate resistance is at 58.80 if the pair once again surpass above that then it will continue to move higher else minor correction can be noticed till the trend line support of 58.40. Therefore we advise buying on dips around 58.45 for the day. Action: Buy.
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