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Indices Ticks Higher While the Focus will be on PMI Figures

By Research Team Tuesday, Jan 24, 2023
GBP/USD

    • 9.35amD1
    • High1.2391
    • Low1.23736
    • Close1.23838

GBP/USD is trading at 1.23807, 0.09% up since previous day close. The Sterling Pound appreciated against the USD after global sentiments strengthens over aggressive tightening stance in next ECB meeting whereas FOMC is expected to loosened out the monetary policy just raising interest rate by 25 or 50bps. Improving Chinese economic conditions & easing down of Covid-19 restrictions further pushed up GBP/USD. The result of country’s Public Sector Net Borrowing & PMI figures will remain in focus for the day. As seen in the chart, the pair is strongly trading above the short term Moving Averages & is now hovering near major resistance level. Buying on dips may be recommended for the day in GBP/USD.

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Daily Outlook

GBP/USD

Intra Day
Near Day

Technical Levels

R3 1.26307
R2 1.25061
R1 1.24397
Turnaround 1.23815
S1 1.23151
S2 1.22569
S3 1.21323
By Research Team Tuesday, Jan 24, 2023
INDIA50

    • 9.58amD1
    • High18248
    • Low18156.8
    • Close18163.4

INDIA50 is trading at 18187.8, 0.04% up since previous close. A tight range can be seen in SGX Nifty since traders remain skeptical over FOMC monetary decision in its forthcoming meeting next week. Since the China markets are shut on an account of Lunar New Year holidays further tightens the liquidity in Asian shares. Globally, ongoing corporate earnings & improving Chinese economic conditions contributes positive outlook in equity markets. On regional front, a progressive industrial & banking development escalates buying pressure in INDIA50. Upcoming event of Union Budget release next week will remain vital for an index. As seen in the chart, the index is consistently taking a support of Fibo level 50.0 which indicates the chances of further upside if sustained the level.

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Daily Outlook

INDIA50

Intra Day
Near Day

Technical Levels

R3 18503.00000
R2 18344.00000
R1 18281.00000
Turnaround 18185.00000
S1 18122.00000
S2 18026.00000
S3 17867.00000
By Research Team Tuesday, Jan 24, 2023
XAUUSD

    • 10.15amW1
    • High1937.08
    • Low1930.8
    • Close1932.6

Gold is trading at $1932.05, 0.09% up since previous close. The precious metals seems to be trading on higher side since last few sessions against the soft USD after ECB Chief hinted for aggressive rate hikes in next meeting by 50bps. On global front, the mixed USD post release of soft U.S Retail Sales data & strong U.S Jobless Claims figures maintained an upside in precious metals. The Gold rallied on an account of better Chinese GDP figures, opening up of Chinese restrictions & lockdowns & rising chances of U.S smaller rate hikes in near term & improving labor data. As seen in the chart, a consistent upside in Gold makes the commodity to test the previous high of $1975 levels on short term basis.

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Daily Outlook

XAUUSD

Intra Day
Near Day

Technical Levels

R3 1973.78000
R2 1949.88000
R1 1940.57000
Turnaround 1925.98000
S1 1916.67000
S2 1902.98000
S3 1878.18000
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