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Mayhem in Equities & Commodities Caps Positive Sentiments Amongst the Traders

By Research Team Monday, Sep 26, 2022
INDIA50

    • 2.12pmW1
    • High17200
    • Low16951
    • Close17083

INDIA50 is trading at 17071.3, 0.16% down since previous day close. The Asian shares seems to be trading flat to lower side after FOMC turned hawkish in future course of action with the possible chances of 75bps rate hike. The rising inflationary concern across the globe led the major Central banks to adopt aggressive monetary policy. Besides this, the rising geopolitical tension between Russia & Ukraine after the former ordered mobilization of reserve troops in an escalation of the war in Ukraine further suppressed the indices. Upcoming RBI meet & F&O expiry session will remain significant for index INDIA50. As seen in the chart, the index is hovering near major support level of MA (20) & hence, slight pullback may be seen if sustained the same.

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Daily Outlook

INDIA50

Intra Day
Near Day

Technical Levels

R3 18311.00000
R2 17812.00000
R1 17504.00000
Turnaround 17313.00000
S1 17005.00000
S2 16814.00000
S3 16315.00000
By Research Team Monday, Sep 26, 2022
GOLD

    • 2.30pmD1
    • High1649.75
    • Low1626.85000
    • Close1645.52

Gold is trading at $1644.98, 0.01% down since previous close. The Gold prices lowered down on Monday against the strong USD after Fed raised an interest rate by 75bps as expected; how-so-ever hinted for more aggressive rate hikes until year 2023 to get an interest rate above 4.00%. This heavily weighs down the commodities. Also, the rise in recession fear amid high inflation rate lowers down the consumption demand of Gold & other metals. The focus will remain on upcoming FOMC Powell speech due on Tuesday. As seen in the chart, the Gold is on the verge of crossing down the cluster support of multiple previous lows; however the RSI line is sustaining at lower level 30. Sideways trading may be seen for the day.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 1725.60000
R2 1689.40000
R1 1666.67000
Turnaround 1653.20000
S1 1630.47000
S2 1617.00000
S3 1580.00000
By Research Team Monday, Sep 26, 2022
GBP/JPY

    • 1.45pmW1
    • High155.611
    • Low154.657
    • Close154.91

GBP/JPY is trading at 151.810, 0.26% down since previous day close. The GBP/JPY widely slid down on Monday against the strong USD Dollar Index amid aggressive Fed monetary stance in the near future. Besides this, the rising inflationary rate across the globe makes the major currencies to trade at lower levels. The U.K’s Rightmove HPI grew by just 0.7% against the previous figure -1.3% while the Japan’s Flash Manufacturing PMI fell to 51.0 against the expectation 51.3. The market will be looking forward to the Fed Powell speech due on Tuesday. As seen in the chart, the pair crossed down the short term Moving Averages & also, is hovering near cluster support of previous lows. This indicates the strong chances of selling bias on daily basis in GBP/JPY.

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Daily Outlook

GBP/JPY

Intra Day
Near Day

Technical Levels

R3 165.31100
R2 158.59800
R1 155.30500
Turnaround 151.88500
S1 148.59200
S2 145.17200
S3 138.45900
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