EURUSD TARGET ACHIEVED…+150 pips

EUR USD which we had earlier given as sell call around 1.2750.

EUR-USD falls sharply to 1.2630 owing to bad data.

Our call on EUR-USD records now 120 pips at the time of writing this post. Data yesterday came out negative as per the expectations and continues to haunt the Euro zone.

After scoring 700 pips in July, it has been another good ride in August with about 700 pips in August also. 

Indian Markets continue to remain rangebound

The National Stock Exchange’s 50-share Nifty continues to trade in a tight range of 5350-5580 band. Either side of the band posing short term support and resistance respectively. Trend remains bullish as long we are trading above 5350 and shall turn out to be more bullish if we are able to break and close above 5580.

Patterns on the charts are indicating fatigue and it will be interesting to see how we shape up in coming sessions.

EUR-USD looks ready for a fall ?????

EUR-USD has broken its trend line support and is ripe for an intermediate correction towards 1.2600 and 1.2480. Resistance will be only seen around 1.2850.

Positions should be continued as advised in the morning sms and online message 

Indian Market Outlook (Nifty)– For the Near Term

Global cues are at present helping the markets and we should keep an eye on the 5350 and 5200 as short term support levels respectively while 5460-5480 as intraday & 5580 as short term resistance respectively.  Remain cautious on index basis and keep on trading long on stock specific approach.

Our market outlook has holded out for entire August Month.

Neyveli Lignite looking strong for near term

Neyveli Lignite CMP 168 is looking strong on charts for a near term breakout to 175-77 and on break 187 region should be next level to watch out. Indicators are bullish and results have been as per the estimates. Stop should be placed around 160 as that is the only near term support.

Time Duration : 3-5 days.

Cable completes all targets – 500 pips

Cable completes all targets till 1.5900-1.60 and retraces back to the original levels. Strong support is seen around these levels. One should not remain short around these levels for the short term now.

Strong German Data a surprise

Strong German GDP quarterly data gives a market surprise. EURUSD on Upside, 1.3000-1.3100 will pose a resistance and support is seen @ 1.2600.

Nifty- Market Outlook

Nifty Future: (5434):

Global cues are at present helping the markets and we should keep an eye on the 5350 as intraday and 5200 as short term support levels respectively while 5460-5480 as intraday & 5580 as short term resistance respectively.  Remain cautious on index basis and keep on trading long on stock specific approach.

Manufacturing continues to be stable….Good for CABLE

 

Second Half of the year is expected to be sluggish for the UK economy but still, Manufacturing production in the U.K. fell less than expected in July, data showed on Monday. In a report, index of purchasing managers posted a seasonally adjusted 57.3 in July, down from 57.6 in June. Analysts had expected the index to hit 57.1 in July. U.K. manufacturing continued to boom at the start of the third quarter, with the PMI suggesting only a slight loss of momentum from the 1.6% surge in production seen in the second quarter. Orders are coming in, domestic demand is rising and manufacturing is being resilient. All augurs well for the cable and thereby, Following the release of the data the pound was up against the U.S. dollar, with GBP/USD gaining 0.59% to hit 1.5864.

GBP USD completes the target 1.5700+

GBPUSD completed the target of 1.5700+ on 30th July, 2010. We had recommended to go long on it on 28th July here itself. Spikes are still expected in it and volatility will come more in the picture now. If it is able to cross 1.5850 with strength then we might see huge movement in the pair.

So for now, it is wait and watch keep on booking profits in regular intervals over the next 100 pips.