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Markets Edges Higher As Fed Minutes Hints Over Smaller Rate Hikes

By Research Team Thursday, Nov 24, 2022
INDIA50

    • 10.18amW1
    • High18352.4
    • Low18293.4
    • Close18348.4

INDIA50 is trading at 18340.3, 0.29% up since previous close. A sharp spike can be seen in equity markets after latest FOMC  Meeting Minutes showed the possibility f smaller rate hikes in the near as some sort of progress can be seen in curtailing high inflationary pressure. Also, an announcement of offering stimulus package in China adds on bullishness in Asian markets. On regional front, the strong fundamentals & improving manufacturing & industrial data led buying pressure in SGX Nifty. However, the focus will be on today’s F&O expiry session in INDIA50 & hence, cautious trading may be observed for the day. As seen in the chart, the index INDIA50 is trading near major resistance level of previous highs & hence, a strong breakout can be seen if breached.

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Daily Outlook

INDIA50

Intra Day
Near Day

Technical Levels

R3 18570.00000
R2 18430.00000
R1 18362.00000
Turnaround 18290.00000
S1 18222.00000
S2 18150.00000
S3 18010.00000
By Research Team Thursday, Nov 24, 2022
GOLD

    • 10.45amD1
    • High1756.82
    • Low1752.35000
    • Close1755.8

Gold is trading at $1755.54, 0.16% up since previous close. The precious metals moved on higher side against the softer USD post release of U.S FOMC Minutes on Wednesday which showed the chances of slower interest rate hike move in the forthcoming Fed meetings. Last week, the same factor of rate hike by 75bps remained suppressive for Gold prices. Also, the Chinese stimulus package may boost up the consumption demand in industrial metals; for China is a top consumer of metals. As seen in the chart, the commodity reversed up from short term Moving Averages & is heading towards MA (200). This indicates further upside & also, a strong breakout can be seen above the levels $1775 on short term basis.

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Daily Outlook

Gold

Intra Day
Near Day

Technical Levels

R3 1795.70000
R2 1770.10000
R1 1761.19000
Turnaround 1744.00000
S1 1735.55000
S2 1718.90000
S3 1693.30000
By Research Team Thursday, Nov 24, 2022
GBP/USD

    • 9.55amW1
    • High1.21053
    • Low1.20584
    • Close1.20992

GBP/USD is trading at 1.21016, 0.25% up since previous day close. The Sterling Pound rallied on late Wednesday against the steady USD after FOMC Minutes hinted for smaller rate hikes in the near future as some progress can be observed in inflation rate. On data front, the U.K.’s Flash Manufacturing PMI rose to 46.2 against the expectation 45.7 & the Flash Services PMI increased to 48.8 higher than estimation 48.0. These widely cushioned the pair GBP/USD. The result of CBI Industrial Order Expectations data will remain in focus for the day. As seen in the chart, the pair successfully crossed over the Fibo level 38.2 & is expected to test Fibo level 50.0 if upside persists further. 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 1.24267
R2 1.22183
R1 1.21472
Turnaround 1.20099
S1 1.19388
S2 1.18015
S3 1.15931
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