May 15 2018

Trade Idea for the day

USDINR :-  On back of karnataka election results rupee is seen volatile initially touched a low of 67.7850, as the clarity came that BJP will be gaining the majority rupee is seen gaining. Momentum indiactors like RSI is neutral and  MACD above zero line giving indications of a correction in local pair.

Our Preference:-  Sell above 67.60

Target – 67.30-67.35

Stop loss – 67.80

EURINR: – Fell from opening levels of around 80.80, trading below 21 day SMA on hourly charts. Momentum indicators like MACD near zero line and RSI  giving buy signals.

Our Preference: – Buy below 80.50

Target – 80.75-80.80

Stop loss – 80.35

GBPINR: – Seen taking resistance at around 92 levels, holding above 5 day SMA. Technically RSI indicating to sell and MACD above zero line giving sell signals.

Our Preference: – Sell above 91.70

Target – 91.40-91.45

Stop loss – 91.87

JPYINR: – USINR at day’s high pushing the pair higher currently holding above  14 day SMA on hourly charts. MACD around zero line and RSI indicating to Sell.

Our Preference: – Sell Above 0.6170

Target – 0.6140-0.6150

Stop loss – 0.6185