Markets ended lower on last session of the week due to weaker global cues and profit booking on higher levels. Nifty future
started the May series on a flat note and moved mainly in the range of
5920-5880 for the whole session. If it sustains below the resistance
level of 5930-5950 then some correction is expected where crucial level
is seen around 5860 below which it may drag towards the next support of
5790.
TREND: SIDEWAYS
SUPPORT : 5850 & 5790
RESISTANCE : 5930 & 5970
Major Market News:
- Sensex slips 120 points at close; JSPL, RIL, ICICI Bank drag.
- ICICI Bank Q4 in-line, profit up 21.15%.
- Maruti Suzuki jumps over 5% as Q4 earnings beat forecasts.
- Siemens Q2 profit plunges, stock crashes 7%.
- Vijaya Bank Q4 profit climbs 24%; asset quality improves.
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The rupee strengthened on Thursday with the underlying
sentiment remaining bullish on the back of growing rate cut hopes from
the central bank’s upcoming annual monetary policy on May 3. Sharp gains
in the domestic share market following the better-than-expected trade
data also aided sentiment. India’s exports fell 1.8 per cent in the
2012/13 fiscal year, the trade ministry said on Thursday, but they were
up for the third straight month in March, offering some relief to the
record current account deficit.
Domestic Forex Updates:
- Rupee strengthens as trade data, share rise boost.
- Chinese yuan closes up after speculation about band widening.
- Dollar, euro rise one percent on day versus weaker yen.
- Swiss franc up against yen ahead of G20 meeting.
USDINR
USDINR on its weekly charts is moving in a triangle pattern
and found strong support near its lower band near 53.7500. It has
constantly faced resistance around 55.0000 level. In the coming week if
it gives closing below 53.7500 then bear trend can follow and next major
support is seen around 53.1000.
EURINR
EURINR did not hold on higher levels and closed on a negative
note. On lower side, 70.0000 is seen as major support around the trend
line on weekly charts from where reversals can be seen. If some
correction takes place then resistance range is seen around
71.4000-71.8000.
Global Forex Updates:
- Yen Declines as G-20 Gives Japan Leeway on Stimulus; Pound Falls.
- Asian Currencies Set for Best Week in Seven Months on Inflows.
- U.K.’s Top Credit Grade Cut by Fitch on Economy, Fiscal Outlook.
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CURRENCIES S1 S2 S3 R1 R2 R3
USDINR 54.6000 54.5000 54.3500 54.8200 54.9500 55.1000
EURINR 71.3000 71.1900 71.0500 71.5200 71.6500 71.8000
GBPINR 83.8300 83.7000 83.5800 84.1200 84.2600 84.4000
JPYINR 55.0000 54.9000 54.7000 55.3300 55.4800 55.7000
EURINR on its intraday charts closed above the trend line
acting as resistance below its 55 day SMA. It is expected to give a
positive breakout above 71.4850.
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Benchmark Indices showed a choppy session in the last session
of the week and were unable to test their crucial resistance levels. Nifty future
strongly resisted near 5600 for the whole session and tested the major
support of 5550. Overall, bears are seen to capture nifty and if it
surpasses this crucial level then intraday support is seen in the range
of 5530-5480 while any correction may lead it towards 5630-5650.
TREND: SIDEWAYS
SUPPORT : 5530 & 5480
RESISTANCE: 5630 & 5670
Major Market News:
- Sensex down 64 points; mid and small-caps outperform.
- Maruti jumps on hopes weaker yen to reduce import cost.
- DLF to sell two windmill projects for Rs 241 cr.
- L&T bags orders worth Rs 2,000 crore in March.
- Adani Power falls as Haryana govt to challenge CERC order.
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CURRENCIES S1 S2 S3 R1 R2 R3
USDINR 54.5000 54.3800 54.2500 54.7700 54.9000 55.0500
EURINR 69.9000 69.8000 69.6500 70.1200 70.2300 70.3500
GBPINR 82.6000 82.5000 82.3500 82.8500 82.9700 83.1000
JPYINR 57.9000 57.7500 57.5500 58.2000 58.3500 58.5500
JPYINR on its intraday charts is trading with sideways to
negative sentiments on its daily charts while it closed near to the
trend line acting as support. Selling pressure may be seen below
57.9400.
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