Emkay has recommended to buy EURINR October between 77.90.-78.00 or in slight dip towards 77.70 for target of 79.50 with top loss on day close below 77.00.
EURINR prices have plunged sharply after fresh breakdown below 79.50 and extend fall towards 77.70 recently. Prices have major long term trend line support which start from early 2010, near 77.50-77.70 levels.
Prices also have channel line support near 77.50-77.70 levels in the weekly chart and at the same time RSI is also near 30 in weekly chart so pullback can be seen.
EURINR daily chart is also indicating that recent fall will complete near 77.30-77.50 which is 261.8% Fibonacci retracement level of the last consolidation between 82.80 and 80.70.
RSI in daily chart is also showing negative diversion as shown in the chart which will
EURINR prices are expected to show buying interest in slight dip towards 77.50-77.70 levels. Prices should at least bounce towards 79.50 and fresh breakout can be seen above this.
EURINR prices should not close below 77.00 in daily chart to hold the view.
Strategy – Buy EURINR October bet 77.90.-78.00 CMP or in slight dip towards 77.70 for target of 79.50 with top loss on day close below 77.00.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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