• Manufacturing in US expands at fastest pace in six months bolstered by gains in production and orders.       The ISM index climbs to 53.9 last month from 52.7 in Nov.
• Mortgage rates near record low helps the housing industry recovers from the recession. Construction spending in US climbs 1.2% against a forecast of 0.5%.
• US Stocks open higher following yesterday’s European rally.
• EFSF to sell Euro 3 bn three year bond on Thursday.
• ECB back in the bond market buying Italian, Spanish and Portuguese bonds.
• Commodities higher as USD weaken. Crude up 3.7%, Gold up 2.33%

USD-INR JAN 2012 MCX-SX FUTURE:- Yesterday it opened at 53.5525 & made the low of the day  at 53.4325. It had then risen to 53.5950 to mark as high of the day & finally closed at 53.52.Actually the flows have reduced very much & under the influence of low liquidity it has become hedger’s market. For the day we see initial support at 53.38-53.43 & resistance at 53.65-53.70 & this is likely to be trading range of the day. Breach of the support at 53.38 may lead to retest of 53.15-53.20.Similarly cross above of 53.72 may lead to retest of 53.85-53.90. Swing trader should go long around  53.45  with the stop of 53.35 for the target of 53.65 & 53.85  . Kindly reduce the quantum of lot as stoploss used are wide due to volatility. Remember traders discretion & judgment of price behavior during the entry of trade  is vital for profitability of trade  & this can be done at that moment of time only.

EURO-USD:- Yesterday it opened at 1.2933 & this itself was the low of the day. It had then risen to 1.3077 to mark as the high of the day & finally closed at 1.3048. For the day we see initial support at 1.2990-1.3010 & resistance at 1.3080-1.3100.The breach 1.2990 will lead to retest of the 1.2915-1.2935(less likely).Similarly cross above of 1.3100 will lead retest of 1.3190-1.3210, however it is more likely in our view.   Swing trader should go long  around 1.3010  with the stop of 1.2985 for the target of 1.3100 & 1.3210 . Traders discretion & judgment of price rally top/price decline bottom while entering trade,  is vital for profitability of trade  & this can be done at that moment of time only. 

EURO-INR JAN 2012 MCX-SX FUTURE :-  Yesterday it opened at 69.42 & made the low of the day at 69.31 It then rose to 69.9825 to mark as high of the day & finally closed at 69.7925. For the day we see initial support at 69.30-69.40 & resistance at 69.90-70.00 .The breach of 69.30 will lead to retest of 68.60-68.70.   In our view aggressive  swing trader should go short around   69.80  with the stop of 70.00  for the target of 69.40& 68.60 . Once the trade runs in profit trail the stop suitably for exit so that profit is compounded & any higher target can also be taken advantage of it.

GBPINR JAN 2012 MCX FUTURE :- For the day we see initial support at 83.20-83.30 & resistance at 83.70-83.80 and breach of 83.20 will lead to retest of 82.70-82.80.  In our view traders should go short around  83.65 with the stop of 83.80 for the target of 83.30 & 82.80 .                   

JPYINR JAN 2012 MCX FUTURE :-   For the day we see  support at 69.40-69.50 & resistance at 70.30-70.40.   In our view traders should go long near 69.55   with the stop of 69.35  for the target range of  70.25-70.30 and higher.

PIVOTPOINT-TABLE

ECONOMIC CALENDAR                         

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