USDINR Is The Upmove Over..?
2
BMA Wealth Creators Equity Research The trend line resistance stands around 56.20, close to the recent high around 56.3875 (as on 24/05/2012 1:00 pm) The upmove of INR is projected from 48.6 (Nov 2011) to 54.3 (Dec 2011). 138.2% Projection: 56.50 - Close to the recent high around 56.3875 (as on 24/05/2012 1:00 pm). TECHNICAL RESEARCH USDINR: Is the upmove over..? Nishu Agarwal [email protected] INR: 2012 24th May 2012
-
Upload
bma-wealth-creators -
Category
Economy & Finance
-
view
359 -
download
1
Transcript of USDINR Is The Upmove Over..?
BMA Wealth Creators Equity Research
The trend line resistance stands around 56.20, close to the recent high around 56.3875 (as on 24/05/2012 1:00 pm) The upmove of INR is projected from 48.6 (Nov 2011) to 54.3 (Dec 2011). 138.2% Projection: 56.50 - Close to the recent high around 56.3875 (as on 24/05/2012 1:00 pm).
TECHNICAL RESEARCH
USDINR: Is the upmove over..?
Nishu Agarwal [email protected]
INR: 2012
24th May 2012
Technicals
BMA Wealth Creators Equity Research
In 2008, we saw a similar move where the currency dropped after reaching close to 138.2% projection levels (52.09). It slipped to 45.3 in a year after that. Given the proximity to the resistance levels around 56.2-56.5, and referring to the price movement in 2008 probability is quite high that the currency might reverse direction from the current levels and slip to 53 in the near term (3-4 months) and to 50 in the long term (8-9 months). If, on the other hand, the currency breaches 56.5, (probability seems quite less), it might surge towards 57.8.
Disclaimer: This document is for private circulation only. Neither the information nor any opinion expressed constitutes an offer, or any invitation to make an offer, to buy or sell any securities or any options, future or other derivatives related to such securities. BMA Wealth Creators Ltd. Or any of its associates or employees doesn’t except any liability whatsoever direct or indirect that may arise from the use of the information herein. BMA Wealth Creators Ltd. and its affiliates may trade for their own accounts as market maker, block positional, specialist and/or arbitrageur in any securities of this issuer (s) or in related investments, may be on the opposite side of public orders. BMA Wealth Creators Ltd. and its affiliates, directors, officers, employees, employee benefit programs may have a long or short position in any securities of this issuer (s) or in related investments no matter content herein may be reproduced without prior concert of BMA. While there report has been prepared on the basis of published/other publicly available information considered reliable, we are unable to accept any liability for the accuracy of its contents.
BMA Wealth Creators Limited 29-5A Dr. Ambedkar Sarani, Viswakarma II Topsia Road, Kolkata-700046,
Tel (033) 40110099, [email protected], www.bmawc.com
0
20
40
60
80
100
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr
East
West
North
INR: 2008
