The immediate resistance comes in at levels followed by levels on the rising trend line former support and now resistance. We'll email you login details shortly. Country Please Select Please select a country.
The levels of around 1. We keep our bias on the upside. Brokers said reports of less than average monsoon rains this season might hamper efforts to boost economy and hurt company earnings this quarter impacted the market sentiment.
The gap down open in the market has definitely enabled the sellers to prompt their activities considering we had yet other depressing FOMC minutes where no sign of QE was provided.
This shifted the mindset of traders which now in turn are in selling activities. The immediate resistance comes in at levels followed by levels on the rising trend line former support and now resistance. Expect selling pressure to remain at higher levels unless we have a fundamental trigger which makes the price action to close above levels, would negate the bearish bias.
The Indian Rupee extended losses on Monday falling to its lowest levels in almost a week led by weak cues across the Asian and European stocks markets and post the acute drop in the Euro on Friday which slipped to its two year lows below the 1.
Broad weakness in the domestic stock markets also put pressure on the local currency which finished with a loss of a percentage yesterday. It seems even though a slight positive reaction in the European currencies did not aid any boost to risk appetite neither towards appreciation to INR value. We therefore require a more of a fundamental trigger that would enable an upside in the same.
This has inflamed economic concerns that has actually paved for equity markets to trade lower and thus has indeed choked on Indian equities forcing them to par their mild gains that has been incurred in the previous week. The rate cut by ECB and China has been factored in last week, but what keeps pressure going on the equity markets too trade in the negative would be the deprecating value of the home currency and moreover with oil prices shooting back are providing concerns on the debt factors in the economy.
However the monsoon climate could have provided some sort of respite in an otherwise bear market conditions. Supports at , followed by Resistance at , is witnessed. We firmly believe that the mild gains could be only due the factor that expectations were high on the US employment conditions, however neither an improved employment numbers nor an increased bets on QE expectations stoked equities higher that resulted in it to build a top and therefore may slide down towards levels.
This triggered a rally in US dollar and government treasury due to ultra safe heaven. Your demo is preloaded with virtual funds , which you can use to trade over 10, live global markets. Take a look at our extensive calendar of free educational webinars to help develop your trading strategy, then test your new skills, risk-free, with an IG demo account. A demo account is intended to familiarize you with the tools and features of our trading platforms and to facilitate the testing of trading strategies in a risk-free environment.
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