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CURRENCY MARKET OVERVIEW :

By Goodwill
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December 28, 2023

CURRENCY MARKET OVERVIEW :

Currency Market Overview December 28, 2023

USD/INR Technical view:

The pair made an all-time high of 83.49 and could not trade above that level. Fresh buying opportunity will be seen at 83.50 levels until then the pair is expected to trade between the broad ranges of 83.50-82.80 levels. Short term resistance lies at 83.30 levels. On the downside, 83.00 will be the critical support level for USD/INR. Any follow-through selling will see a drop to 82.80, portraying the confluence of the lower limit of the trading range and a low of Sep 12. The next contention level will emerge near a low of Aug 11 at 82.60. The momentum indicators show a downward signal and the strong support would be 82.65 which is also a 200-day SMA. A breakdown below this level will give more selling opportunities and then the target 82.45/82.15 levels.

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Risk Disclosures
on Derivatives

9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
On an average, loss makers registered net trading loss close to ₹ 50,000.
Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.

Source: SEBI study dated January 25, 2023 on “Analysis of Profit and Loss of Individual Traders dealing in equity Futures and Options (F&O) Segment”, wherein Aggregate Level findings are based on annual Profit/Loss incurred by individual traders in equity F&O during FY 2021-22.

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