USDINR
index is looking bullish on a chart, the index currently trading near
resistance and once index will cross it then we will focus on IT stocks like
TCS, INFOSYS, TECHM, etc. These stocks are already slightly bullish on the chart
and we have to wait for the right opportunity to catch anyone. Also, the Indian
market is trading near lifetime highs and we are expecting profit booking from
current levels. And as we know when dollar price is rising then our market is
falling.
Technical Overview of USDINR: We can see
below daily, from few months USDINR is trading between the range of
70.50-72.00. Recently, the index has taken support from support i.e. 70.50 and
given a sharp bounce. On 13th December, the index has closed near
day high and given confirmation of Bullish Engulfing. Currently, there
is a small hurdle around 71.20 and we need closing above this hurdle.
Risky players can buy from current levels with a stop-loss of 71. We are expecting targets of 71.50/71.80/72.00.
Technical Overview of INDUSINDBK: We were waiting for bounce and finally
it has done on the last trading day. If we see the below chart then the stock
has crossed its 200 DMA and sustained above. The stock has made a base of six
candles and broke this base on Tuesday with good volume. We are expecting more
rally till next resistance i.e. around 1600.
Click on the below links to join our Intraday Calls channel or details of our training program.
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Disclaimer: The contents produced here are purely for educational purposes. They should not be construed as buy/sell recommendations. I am not a SEBI registered Analyst or Investment Advisor. Readers are advised to consult their Investment advisor before taking any decisions based on the above write-up.
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Nice Article. Thank you for sharing the informative article with us.
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