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Equities Slightly Recovered Post Higher Inflation Sell-off

By Research Team Wednesday, Sep 14, 2022
INDIA50

    • 10.42amD1
    • High17956.4
    • Low17735.2
    • Close17957.2

INDIA50 is trading at 17914.3, 0.08% up since previous day close. The SGX Nifty seems to be recovering on Wednesday post sell-off seen in the previous session. The worst U.S CPI data & strong chances of interest rate hike of 75 bps in the Fed meeting which is to be held in September led this downside in equity markets. Last week, the ECB revealed monetary tightening decision by raising interest rate hike by 75bps which led buying pressure in major equity markets. The growing effort to improve country’s financial & economic conditions remains bullish factor for INDIA50. As seen in the chart, the INDIA50 is still trading above the short term Moving Averages of period 10 & 20 & hence, upside may resume if sustained further.

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Daily Outlook

INDIA50

Intra Day
Near Day

Technical Levels

R3 18728.00000
R2 18290.00000
R1 18005.00000
Turnaround 17852.00000
S1 17567.00000
S2 17414.00000
S3 16979.00000
By Research Team Wednesday, Sep 14, 2022
COFFEE

    • 11.05amD1
    • High225.87
    • Low217.13000
    • Close221.07

Coffee is trading at $221.07, 0.31% down since previous day close. The strong USD made the Brazilian Real (BRL) currency weaker which further dragged down the Coffee prices; for this may fetch Brazilian farmers lesser profits while exporting the beans to U.S. The rise in U.S CPI data led the sell-off in equities & commodities. Besides this, the change in climatic conditions in Brazil increases the production & supplies level of Coffee; as Brail is a major Coffee producing country. This further weighs down the prices. As seen in the chart, the Coffee reversed down major resistance level & also, crossed down the MA (10) & MA (20) which signals for strong selling pressure on daily basis.

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Daily Outlook

COFFEE

Intra Day
Near Day

Technical Levels

R3 238.13000
R2 229.70000
R1 225.38000
Turnaround 221.26000
S1 216.94000
S2 212.83000
S3 204.37000
By Research Team Wednesday, Sep 14, 2022
NZD/USD

    • 10.25amD1
    • High0.60113
    • Low0.59899
    • Close0.60088

NZD/USD is trading at 0.59963, 0.21% down since previous day close. The strong USD amid higher U.S CPI data led selling pressure in major currencies on Tuesday. The higher chances of interest rate hike by 75 bps in the next Fed meeting makes the Kiwi more vulnerable. The recovering Chinese economic conditions can turn out to be bullish factor for antipodean currencies. The New Zealand’s Current Account deficit fell to 5.22B higher than expected fall of 4.70B while the result of GDP data will remain in focus for the week. As seen in chart, the pair is trading near lower trend-line of channel pattern & also, the RSI line is hovering near lower level 30 which shows the chances of sideways trading on daily basis.

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Daily Outlook

NZD/USD

Intra Day
Near Day

Technical Levels

R3 0.63996
R2 0.62246
R1 0.61129
Turnaround 0.60496
S1 0.59379
S2 0.58749
S3 0.56996
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