USDINR: Sell below 60.60 - Way2wealth

WEEKLY TECHNICAL REPORT
I EQUITIES & CURRENCIES I
Nifty in the past week opened with a positive gap and
tested the resistance line of the rising channel and
ended around the same. In Friday’s session prices
violated the short-term uptrend line but closed above
the same. If in this week the index slide below 8049
then slide till the next support level pegged at 7920
level is likely. Alternatively if the index penetrates the
resistance line of the rising channel in convincing
manner then sharp upside can be seen. Daily RSI has
negated the negative diversion. Weekly MACD is
balanced in the positive territory.
Action Entry Target Stop
Buy Above 8160 8300 8080
Sell Below 8040 7920 8111
Note: The above levels are for Nifty Spot.
WAY2WEALTH Securities Pvt. Ltd.,
Nifty
BankNifty
3rd Floor, Tower B, Hincon House, 247 Park, LBS Road, Vikhroli (West) Mumbai - 400083. Tel +91 22 6146
email: research@way2wealth.com website: www.way2wealth.com
Way2wealth Research is also available on Bloomberg WTWL <GO>
8th Sep 14
The Banknifty too tested the resistance line of the
rising channel and witnessed profit booking from
those levels. The index has violated the short-term
uptrend line in the convingcing manner this has
increased the chances of test of support line pegged
at 15600 levels. Daily RSI has generated the negative
crossover supporting our view in the counter.
Sell Below 15890 15600 16060
Note: The above levels are for BankNifty Spot.

The stock future tested the long term flat support
line on the weekly chart and ended the day with the
hammer candlestick pattern. Daily RSI is valued at
29 in the oversold zone. Above all technical
observations are indicating some bounce from
current levels.
Buy Above 113 124 107
The stock future has completed the bullish head and
shoulders chart pattern on the weekly. Prices
penetrated the rising neckline resistance but failed
to close above the same. If in the upcoming sessions
prices surpass the previous week’s high then swift
run up is likely. Conservative price target according
to the chart pattern is at 460 levels.
Weekly MACD has given the positive crossover in the
positive territory which is a bullish sign.
Buy Above 400 460 369
RCOM Future
IOC Future
3rd Floor, Tower B, Hincon House, 247 Park, LBS Road, Vikhroli (West) Mumbai - 400083. Tel +91 22 6146 2900

IRB Future
=
The stock future has provided the breakout from the
symmetrical triangle chart pattern on the daily chart
after a consolidation of 45 days. Height of the
triangle is of 45 points and adding the same to the
breakout point i.e. 260 provides us the price target
of 305.
Daily RSI is in line with the price structure.
Buy Around 265 305 249

Currencies
USDINR (60.68)
Yet again throughout the week USDINR remained sideways to
negative during most of the session. Despite selling pressure
in other currency pairs USDINR managed to sustain above its
crucial support of 60.53. This was mainly due to muscular
rally in the dollar index.
Now at this stage, it can be seen from the daily chart that
the pair has a multiple supports between 60.65 – 60.53
levels. Hence a move above immediate resistance of 61 can
strengthen the pair to test 61.40 to 61.60 levels in the
coming week. On the flipside, breach of 60.53 level might
prompt further selling towards 60.
JPYINR (57.71)
The pair traded with negative bias throughout the week and
even breached the support of 58.50. The fall was so sharp
that JPYINR lost almost 2% during this period and is trading
below 58 mark.
Now the daily and hourly chart of the pair seems a bit
exhausted and thus a bounce from current levels cannot be
ruled out. In such scenario, 57.82 and 58.50 are likely to
remain strong resistance for the coming sessions. However, in
case of further downside 57.50 – 56.80 could act as the
decent support for the pair.
GBPINR (98.95)
Surprisingly, instead of crossing an upside trigger of 101.22
level, the pair collapsed during the week registering a fall of
almost 2%. This was mainly because of outcome from ECB
meet and concerns in the euro region. As a result the pair
breached the support of 100 and is now trading near 99 mark.
The breakdown on the daily and weekly chart indicates that
going forward the strategy should be ‘Sell on Rise’ for
GBPINR. In case of further downside, the pair might drift
towards 98 mark whereas in case of any bounce 100 & 101
levels will remain strong resistance for the coming weeks.
Action Entry Target Stop Loss
USDINR Sell Below 60.60 60 60.90
JPYINR Buy Above 57.85 58.50 57.57
GBPINR Sell Around 100 98 101
3rd Floor, Tower B, Hincon House, 247 Park, LBS Road, Vikhroli (West) Mumbai - 400083. Tel +91 22 6146

DISCLAIMER
The contents of this material are general and are neither comprehensive nor appropriate for every individual and are solely for the
informational purposes of the readers. This material does not take into account the specific investment objectives, financial
situation or needs of an individual/s or a Corporate/s or any entity/s. A qualified professional should be consulted before making an
investment decisions or acting on any information contained in this material. All investments involve risk and past performance
does not guarantee future results. Investigate before you invest. You are strongly cautioned to verify any information before using
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This material contains statements that are forward-looking; such statements are based upon the current beliefs and expectations
and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking
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USDINR: Sell below 60.60 - Way2wealth

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USDINR: Sell below 60.60 - Way2wealth