Once again market exactly has fallen into our forecasted benchmark & tested the given range.

Mejectic Excange

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What Technical Tells us
USD/INR CMP at 61.33
Strategy: We have recommended to buy at 60.95..yesterday it made a high of 61.38..Looks like bottom is in place..our target now 61.80 with stop at 61.05..Buy more if 61.80 breaks for target 62.40 or 63.20
Nymex Crude Oil March CMP at $98.40
Strategy: We have recommended to sell at $99.40 for target $98.30...crude oil looks $96.40..sell with stop loss at $99.50..downside looks $97.80 $97.10 $96.50 and $94.80
Gold April Comex CMP at $1333.40
Strategy: For today upside target is $1337 or 1342..stop loss $1324
Silver March Comex CMP at $20.32
Strategy: Buy for target 20.49 or 20.60 stop loss at 20.24
EURO/USD CMP at $1.3786
Strategy: Yesterday we achieved our target of 1.3750. we have recommended to sell at 1.3850..for today sell only when 1.3760 breaks for target 1.3680..If 1.3830 breaks and closes above 1.3830 than reverse your position it will touch 1.3890 in coming week
USD/YEN CMP at 102.34
Strategy: for today buy only when 102.60 breaks for target 103.20
GBP/USD CMP at $1.6514
Strategy: Yesterday GBP made a low of 1.6475 For today sell only when 1.6490 breaks for target 1.6440 today market will correct to 1.6530 or 1.6550

MARKET NEWS
        Hawkish words from the US FEDERAL chief Janet Yellen indicating an earlier-than-expected end to the policy providing easy liquidity to the American financial market spooked investors in India on Thursday, with the rupee weakening 37 paise to the dollar, its biggest single-session drop in nearly two months. The sensex followed suit, closing 93 points lower at 21,740. However, contrary to fears about FII selling , end-of-the-session data on the bourses showed a net inflow of Rs 722 crore by foreign funds. The day also witnessed benchmark bond yields rise since there are fears that FIIs, which have pumped in over $6.2 billion into the Indian bond market so far this year, may reverse the trend and start selling. The 10-year gilt yields hardened to 8.82% per annum from its Wednesday close of 8.77%. Fears of foreign fund outflow weakened the rupee sharply with the Indian currency closing at 61.33 to the dollar, compared to 60.96 on Wednesday. Yellen said on Wednesday that the time-frame for raising interest rates could be on the order of around six months after the stimulus ends. The Fed also voted to cut its monthly bond purchases by $10 billion. Market players said that the weakness in the rupee came on the premise that the expected move by the US Fed to end quantitative easing, popularly QE3, would mean global investors would start moving away from risky assets towards US assets. This, in turn, would mean selling emerging market stocks and bonds, and hence the pessimism in the market here. So far the rupee has gained about 12% from its all-time low of 68.83 seen last August and there are expectations that in the run-up to the Lok Sabha elections in April-May , it may strengthen further on hopes of a better government post the elections. Fears of FII selling also spooked Dalal Street investors with the sensex at one point dipping about 128 points but after a slight recovery closed at 21,740, down just 0.4% on the day. The slide in the sensex came on the back of selling in BHEL, GAIL and HDFC. The weakness of the rupee, on the other hand, led to buying in exports-driven sectors like IT and pharma with TCS, Wipro , Infy and Sun Pharma among the top gainers. FMCG major HUL too was among the gainers. The day's slide left investors poorer by Rs 23,000 crore with BSE's market capitalization now down at Rs 70.8 lakh crore.

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