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By Research Team Friday, Mar 17, 2023
EUR/USD

    • 9.14amd1
    • High1.0646
    • Low1.06116
    • Close1.06457

EUR/USD is trading at 1.06426, 0.11% up since previous day close. The EURO gained momentum on Thursday post release of ECB meet wherein an interest rate was hiked by 50bps from 3.00% to 3.50% in order to curtail down the rising inflationary pressure in an economy. Besides this, the softer USD amid controlled CPI rate, ongoing banking system ruction in U.S & better than expected U.S NFP & Jobless Claims figures limits the chances of higher rate hike in next Fed meeting. The euro-zone Industrial Production grew by 0.7% higher than expectation 0.3% while the result of Final CPI data will remain in focus for the day. As seen in chart, the pair is consistently trading near cluster support level which indicates higher chances of further upside if sustained.

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Daily Outlook

EUR/USD

Intra Day
Near Day

Technical Levels

R3 1.07687
R2 1.06844
R1 1.06490
Turnaround 1.06001
S1 1.05647
S2 1.05158
S3 1.04321
By Research Team Friday, Mar 17, 2023
INDIA50

    • 9.35amd1
    • High17180
    • Low17077
    • Close17101

INDIA50 is trading at 17163, 0.21% up since previous day close. A sharp rally can be seen in SGX Nifty as other global peers showed a massive pullback on an account of positive sentiments amongst the traders & investors. Majorly, the soft USD amid multiple factors like ECB’s rate hike stance, lower chances of Fed’s aggressive monetary tightening, strong U.S Jobs data & ongoing U.S banking crisis led buying pressure in Asian shares. Besides this, the falling Crude Oil prices turns bullish for INDIA50 since India is a major importer of Oil. As seen in the chart, the index formed a double bottom at 16800 levels which was major previous low & also, the fundamentals supports the technical levels. Buying on corrective dips may be suggested for the day in INDIA50.

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Daily Outlook

INDIA50

Intra Day
Near Day

Technical Levels

R3 17626.00000
R2 17349.00000
R1 17252.00000
Turnaround 17072.00000
S1 16975.00000
S2 16795.00000
S3 16518.00000
By Research Team Friday, Mar 17, 2023
OIL

    • 10.00amd1
    • High69.43
    • Low68.22
    • Close69.27

WTI Oil is trading at $69.35, 0.09% up since previous day close. The Oil prices moved on higher side on Friday ahead of the release of U.S Baker Hughes report which will show the changes in Oil rig counts as compared to last week. The OPEC’s chances of slowing down the Oil production levels created some sort of buying pressure in Oil at its two-year lows. Earlier, the Oil prices slipped down amid ongoing ructions in U.S financial & banking system; adding on the panic coming out from Credit Suisse borrowing funds from SNB. This widely affects the consumption demand across the world. As seen in the chart, the Oil is hovering near lower levels & may try to consolidate. The cautious trading may be recommended.

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Daily Outlook

OIL

Intra Day
Near Day

Technical Levels

R3 75.11000
R2 71.47000
R1 69.97000
Turnaround 67.83000
S1 66.33000
S2 64.19000
S3 60.55000
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