USDINR: The options structure suggests the USDINR is likely to witness supply near the 63-64 region while the price pattern shows clear sideways action with not much change in open interest structure. Also, it was observed that the pair has bounced from the 100-DMA several times in the last two months. Currently, it seems it is breaking below the same. This suggests one can go short for targets of 61.15 while any price action below
the same would extend downsides towards 59.90
Strategy: Short USDINR future in the range of 62.40-62.80., Target1: 61.15, Target2: 59.90, Stop loss: 64.30
GBPINR: From levels of 98.50-99 we saw a good jump in the GBPINR along with fresh long buildup (OI rose from 22560 to 39575 contracts) . Also, GBP against the USD has also shown significant strength in the past two to three weeks, which suggests the GBP is likely to stay strong in the current series. One can look to go long on the pair at dips for targets of 103-104.50 by maintaining a stop loss of 99.80
Strategy: Long GBPINR future in the range of 100.70-101.20, Target1:103, Target 2:104.50, Stop loss: 99.30
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