DAILY FOREX REPORT FROM RESEARCH VIA 7/NOV/2014

MARKET HEADLINES

• Rupee forward contracts at six-month low on hopes of rate cut

The 12-month forward premium for the dollar was trading 450 points above the spot rate.It had fallen sharply in recent sessions to levels last seen in May. Traders said premium fell on hopes of an early rate cut by RBI. Rate cuts were seen boosting economic growth at a time of easing inflation.

Short sellers also built positions in NDFs on bets that the spot rupee will remain stable, traders add.

• Rupee gains 6 paise against dollar in early trade

The rupee strengthened by six paise to 61.34 against the US dollar in early trade today at the Interbank Foreign Exchange on selling of the US currency by exporters and banks amidst sustained capital inflows.The rupee settled four paise down at 61.40 against the dollar on Monday. Forex market remained closed yesterday on account of "Muharram".Traders said besides selling of the American currency by exporters and banks, continued foreign fund inflows and a higher opening in the domestic equity market, helped the local currency to strengthen but the dollar's gain against other currencies overseas, capped the rupee's rise. Meanwhile, the benchmark BSE Sensex soared by 111.45 points, or 0.40 per cent, to 27,971.83 in early trade today.

• Rupee depreciates four paise vs US dollar to end at 61.40
  
  account of "Muharram".Traders said besides selling of the American currency by The Indian rupee today depreciated by four paise to close at 61.40 against the Greenback on moderate dollar demand from importers, amid some hesitancy in equities. A better dollar overseas also weighed on the rupee while sustained capital inflows restricted the rupee fall. At the Interbank Foreign Exchange ( Forex) market, the rupee commenced lower at 61.50 a dollar from its previous close of 61.36. It moved in a range of 61.3750 and 61.5550 before concluding at 61.40, a fall of 4 paise or 0.07 percent. The Indian benchmark S&P BSE Sensex, after logging its all-time peak, closed down by a mere over 5 points. FPIs/FIIs bought shares worth $310.50 million last weekend as per Sebi data. On Monday, they bought a net Rs 1,413.34 crore. The dollar index was trading up by 0.03 per cent against its major global rivals. Pramit Brahmbhatt, Veracity Group CEO, said: "Rupee traded range-bound and ended almost flat near previous close. It is expected to appreciate in coming days tracking gains in local equities. The trading range for the spot rupee is expected to be within 61.00 to 61.80." 
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RESEARCH VIA DAILY FOREX REPORT 5/NOV/2014

• Rupee falls 15 paise against dollar in early trade
  The rupee declined by 15 paise to 61.51 in early trade today at the Interbank Foreign Exchange on fresh dollar demand from banks and importers amidst strengthening of the American currency overseas. Forex dealers said besides the dollar gaining against other currencies in the global markets, increased demand for the American unit from importers weighed on the rupee but surging domestic equity markets, capped the fall. The rupee gained nine paise to close at 61.36 against the dollar in the previous session on Friday. Meanwhile, the benchmark BSE Sensex opened higher by 103.99 points, or 0.37 per cent, to reach a new lifetime high of 27,969.82 in early trade today.
• US dollar trades near seven-year high against yen

The US dollar traded near a seven-year high against the yen Monday after Japan's surprise decision last week to widen its stimulus and speculation that US interest rates could be hiked sooner than later. The greenback bought $112.74 -its highest since December 2007 -- in Singapore late-morning trade, compared with $112.35 yen in New York late Friday. The euro was at $1.2476 against $1.2525, while it also bought 140.68 yen compared with 140.71 yen. Japanese markets were closed for a public holiday. Singapore's United Overseas Bank (UOB) said "the dominant influence on markets" was the Bank of Japan's surprise announcement on Friday that it would expand its already vast asset-purchasing scheme in a bid to kickstart the economy.

Policymakers at Japan's central bank said they would add up to 20 trillion yen to the scheme, bringing it to 80 trillion yen annually. The decision follows a string of poor data that has fanned fears the world's number three economy, which contracted in April-June, may contract in the following three months, technically putting it in recession. In the United States, UOB said dealers are focused on US jobs data that will be released on Friday.

"The US jobs data could swing market expectations for the Federal Reserve's future course of interest rate actions," the Singapore lender said. The Fed's optimistic comments on the state of the jobs market last week were seen as more hawkish than in the past, fuelling speculation of a possible earlier rate hike. The US central bank said in a policy statement last week it would keep near-zero interest rates for "a considerable time" after the end of the quantitative easing programme, sticking to its timetable of an increase well into 2015. UOB said the US unemployment rate is expected to remain unchanged at 5.9 percent, while the non-farm payrolls data will likely show an addition of 215,000 jobs in October, compared with 236,000 jobs in September.

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DAILY FOREX REPORT FROM RESEARCH VIA 3/NOV/2014

MARKET HEADLINES 

• Rupee gains 8 paise against dollar on foreign capital inflows
  The Snapping its four-day falling streak, the rupee rose by eight paise to 61.37 against the US dollar in early trade today on sustained foreign capital inflows amidst a higher opening in the domestic equity market. Increased selling of the American currency by banks and exporters amid sustained foreign capital inflows following a slew of reforms announced by the government supported the rupee but the dollar's firmness against other currencies overseas capped the gains, dealers said. Besides, a strong rally in domestic equity market in opening trade helped the rupee, they added. The rupee depreciated by 10 paise to close at two-week low of 61.45 against the Greenback in yesterday's trade after the US Federal Reserve kept in place its plans to maintain record low interest rate for some more time. The rupee depreciated by 10 paise to close at two-week low of 61.45 against the Greenback in yesterday's trade after the US Federal Reserve kept in place its plans to maintain record low interest rate for some more time.

Meanwhile, the benchmark BSE Sensex rose 147.26 points, or 0.53 per cent, to hit new lifetime high of 27,493.59 in opening trade.

• China's yuan rises on corporate dollar sales, set to rise 0.5 per cent in October

China's yuan edged higher against the dollar on Friday, buoyed by strong corporate dollar sales, traders said, and it is set to show a gain of 0.5 per cent in October, the fifth straight month of mild appreciation.

"Many companies are selling dollars this morning, continuing a recent trend," said a trader at an Asian bank in Shanghai, adding that the corporate dollar sales might indicate the market is betting on strong exports again in October. Spot yuan stood at 6.1103 per dollar by midday, 0.09 per cent firmer than Thursday's close. The People's Bank of China (PBOC) fixed its midpoint at 6.1461, practically unchanged from Thursday's fix. October trade data is due on November 8. A run of higher export figures has helped the Chinese currency rise more than 2 per cent since May. 

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DAILY FOREX MARKET REPORT AND ANALYSIS 30/OCT/2014

MARKET HEADLINES

• Rupee up 7 paise against dollar in early trade

The rupee strengthened by seven paise to 61.25 against the dollar in early trade today at the Interbank Foreign Exchange on increased selling of the US currency by exporters and banks. Besides, the dollar's weakness against other currencies overseas as investors await news from the US Federal Reserve about interest rate plans for the world's largest economy and a higher opening in the domestic equity market supported the rupee, forex dealers said. The rupee had slipped by two paise to close at 61.32 against the US dollar in yesterday's trade due to some demand for the American unit in an overall lacklustre trade. Meanwhile, the benchmark BSE Sensex regained the 27,000-mark by surging 150.26 points, or 0.56 per cent, to 27,031.08 in early trade today.

• Dollar struggles as soft data push yields lower, Fed awaited

The US dollar nursed modest losses on Tuesday, having slipped overnight after soft economic data tempered risk appetite and pushed safe-haven US debt yields lower. Expectations of more dovish comments from the Federal Reserve, due to kick of its closely-watched two-day policy review later in the session, also weighed on the greenback. The greenback eased to 107.805 yen, retreating from Monday's near three-week peak of 108.38. It also ceded a bit of ground against the euro, which last traded at $1.2711 off Monday's low of $1.2665.

The dollar was lifted earlier on Monday after a closely-watched Ifo report showed German business sentiment in October hit its lowest level in almost two years. But support for the US currency faded after weaker-than-expected US housing data was released later in the session, pushing Treasury yields lower.

Data also showed US services sector activity slowed in October to a six-month low, while manufacturing output in Texas dipped, pointing to some moderation in economic growth early in the fourth quarter. he soft data reinforced expectations that the Fed will reassure markets that any interest rate hikes are a long way off even as it ends its massive bond-buying stimulus.

The Fed kicks off its policy review later on Tuesday and is all but certain to announce the completion of its quantitative easing program when it wraps up its two-day meeting. "Trade overnight had a very distinctive feeling of 'wait and see'," said Evan Lucas, market strategist at IG. "With the end of the asset purchase program a foregone conclusion, speculation is once again mounting about the movement of interest rates." But with US inflation weak, the European economy stumbling and the dollar on the rise, markets are keen to see if Fed officials will acknowledge risks to their expectations that the US recovery will continue to strengthen. 

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RESEARCH VIA DAILY FOREX MARKET UPDATE 29/OCT/2014

MARKET HEADLINES

• Rupee extends losses vs dollar, down 8 paise
  The rupee extended losses for the second consecutive day against the American currency, slipping by another eight paise to 61.38 on month-end dollar demand from importers. The rupee resumed lower at 61.33 per dollar as against the last closing level of 61.30 at the Interbank Foreign Exchange market and hovered in a range of 61.31 and 61.41 per dollar before quoting at 61.38 at 1000 hours. Month-end dollar demand from oil companies mainly affected the rupee value against the US currency, a forex dealer said. In the global market, Oil moved lower after Goldman Sachs slashed its price forecasts for the next two years owing to a global supply glut. US benchmark West Texas Intermediate (WTI) for December delivery fell 46 cents to USD 80.54 while Brent crude for December eased 59 cents to USD 85.24 in mid-morning trade. In New York market, the dollar slipped against the Japanese yen yesterday, ahead of crucial policy meetings of the Federal Open Market Committee and the Bank of Japan. Meanwhile, the Indian benchmark Sensex recovered by 97.88 points of 0.37 per cent to 26,850.78 at 1000hrs.
• Dollar struggles as soft data push yields lower, Fed awaited

The US dollar nursed modest losses on Tuesday, having slipped overnight after soft economic data tempered risk appetite and pushed safe-haven US debt yields lower. Expectations of more dovish comments from the Federal Reserve, due to kick of its closely-watched two-day policy review later in the session, also weighed on the greenback. The greenback eased to 107.805 yen, retreating from Monday's near three-week peak of 108.38. It also ceded a bit of ground against the euro, which last traded at $1.2711 off Monday's low of $1.2665. The dollar was lifted earlier on Monday after a closely-watched Ifo report showed German business sentiment in October hit its lowest level in almost two years. But support for the US currency faded after weaker-than-expected US housing data was released later in the session, pushing Treasury yields lower. Data also showed US services sector activity slowed in October to a six-month low, while manufacturing output in Texas dipped, pointing to some moderation in economic growth early in the fourth quarter. The soft data reinforced expectations that the Fed will reassure markets that any interest rate hikes are a long way off even as it ends its massive bond-buying stimulus. The Fed kicks off its policy review later on Tuesday and is all but certain to announce the completion of its quantitative easing program when it wraps up its two-day meeting. "Trade overnight had a very distinctive feeling of 'wait and see'," said Evan Lucas, market strategist at IG. 

PIVOT POINTS

• S1-56.6385
• S2-56.5490
• PP-56.8140
• R1-56.9035
• R2-57.0790

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DAILY FOREX REPORT RESEARCH VIA 14/oct/2014

MARKET HEADLINES

• Rupee up 8 paise against dollar in early trade

The rupee recovered by 8 paise to 61.27 against the US dollar in early trade today at the Interbank Foreign Exchange market on fresh selling of the American currency.

Besides strengthening of the euro and yen against the dollar in overseas market supported the rupee, but a lower opening in the domestic equity market capped gains, forex dealers said.

The rupee had lost 30 paise to close at 61.35 in the previous session on Friday on fresh demand for the US currency from banks and importers due to firm dollar overseas and sharp fall in local equities.

The benchmark BSE Sensex fell by 159.35 points, or 0.61 per cent, to 26,138.03 in early trade today.

• Rupee down 30 paise at 61.35 vs dollar

Snapping a four-day gaining spree, the rupee today fell by 30 paise to close at 61.35 against the dollar on fresh demand for the US currency from banks and importers due to firm dollar overseas and sharp fall in local equities.

The local currency rupee resumed lower at 61.15 per dollar as against yesterday's closing level of 61.05 at the Interbank Foreign Exchange ( Forex) and dropped further to 61.36 per dollar before concluding the day at 61.35 per dollar, a loss of 30 paise or 0.49 per cent.

It moved in a range of 61.11 and 61.36 per dollar during the day.

"Rupee traded weak today taking cues from strong dollar overseas and weak local equities. After depreciating for four continuous weeks, rupee posted its first weekly gain this week," said Pramit Brahmbhatt, CEO, Veracity Group. 

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TODAY'S STOCK FUTURES TIPS FROM RESEARCH VIA

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DAILY FOREX REPORT FROM RESEARCH VIA 16/SEP/2014

MARKET HEADLINES

• Rupee falls 32 paise against dollar
  The rupee depreciated by 32 paise to 60.97 against the US dollar in early trade today at the Interbank Foreign Exchange due to increased demand for the US currency from importers amid a weak opening in the domestic equity market.The currency hit its day's low of 61.14 against the dollar. Forex dealers said besides fresh demand from importers for the American unit, a lower opening in the domestic equity market as well as decline in industrial production growth to 4-month low of 0.5 per cent in July, put pressure on the rupee. However, the dollar's gain against the euro overseas, capped the losses, they said.The rupee had gained 28 paise, notching up its best daily gain in a month, to end strong at 60.65 against the Greenback in the previous session on Friday on heavy dollar selling by banks and exporters amid positive cues from equity markets. Meanwhile, the benchmark BSE Sensex dipped below the 27,000-mark by falling 185.55 points, or 0.69 per cent, to 26,875.49 in early trade today.
• Investigators turn bankers into informants in forex probe:WSJ
  US investigators have turned several bank employees into informants to gather evidence against some of their colleagues in the probe of possible manipulation of currency markets, the Wall Street Journal reported, citing people familiar with the matter. Britain's Financial Conduct Authority (FCA) and US regulators are investigating allegations that dealers at major banks colluded and manipulated key reference rates in the $5.3 trillion-a-day foreign currency market, the world's biggest and least regulated. The Journal report said it isn't clear which banks had secret informants cooperating with the government investigation.

Ethical standards in the foreign exchange market have been put under a harsh spotlight since investigators in the United States, Europe and Asia started examining whether small groups of traders colluded to rig prices by sharing information about their clients' orders.

The global inquiry has not yet concluded but the review has shaken the industry, with dozens of top dealers put on leave or fired and banks under pressure to sharpen up oversight of their traders.

The FBI and US Justice Department were not immediately available for comment outside regular US business hours. 

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DAILY BASE METAL REPORT FROM RESEARCH VIA

Base Metals & Energy

DAILY BUZZ

LEAD

Lead futures traded marginally up by 0.12 per cent to Rs 130 per kg today on a firming trend in base metals in the global markets amid increased demand from domestic battery-makers.

At the Multi Commodity Exchange, lead for delivery in October traded higher by 15 paise, or 0.12 per cent, at Rs 130 per kg, with a turnover of two lots, while prices for delivery in September remained steady at Rs 128.95 per kg in a turnover of 235 lots.

NICKEL

Nickel prices were up by 0.72 per cent to Rs 1,125.70 per kg in futures market today as speculators enlarged positions amid a firming trend overseas and spot demand.

At the Multi Commodity Exchange, nickel for delivery in September gained Rs 8.10, or 0.72 per cent, to Rs 1,125.70 per kg in a business turnover of 1,859 lots.

The metal for delivery in October rose by a similar margin to Rs 1,132.50 per kg in 52 lots.

Analysts said apart from increased domestic demand from alloy-makers, firmness in base metals in global markets ahead of industrial output data from China, the biggest consumer of base metals, influenced nickel prices in futures trade here.

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RESEARCH VIA DAILY FOREX REPORT 05/SEP/2014

MARKET HEADLINES

• Rupee up 2 paise against the US dolla
  
  The rupee was trading at 60.46/47, slightly higher from its Wednesday's close of 60.4850/4950. Gains in other Asian units versus the dollar was helping the pair slightly. The was pair seen in 60.35 to 60.65 range during the session. Losses in the domestic stock market, however, were likely to support the dollar. Traders were closely monitoring fund flows for near-term direction. The outcome of the ECB meeting later in the day and the US non-farm payrolls on Friday awaited.

• Euro slips before ECB policy decision, Swedish crown gains

The euro slipped against the dollar on Thursday, hovering near one-year lows hit earlier this week on expectations that the European Central Bank will flag the possibility of more monetary stimulus. Hopes of a peaceful resolution to the Russian-Ukraine conflict had shored up the common currency, only for Ukraine's prime minister to dismiss the proposal outlined by President Vladimir Putin. The Swedish crown rose against the euro after the Riksbank kept interest rates unchanged as expected and did not push back the timing of its first rate hike as some in the market had anticipated. Overall, the focus was on the euro before the ECB rate decision at 1145 GMT and President Mario Draghi's press conference 45 minutes later. The euro has already fallen a long way, dropping from a high of $1.3701 on July 1 to $1.3110 on Tuesday. It last fetched $1.3138, down 0.1 per cent. "The euro's downtrend is intact," said Niels Christensen, FX strategist at Nordea.

"But given a lot of the dovishness from the ECB has already been priced in there is a risk of a bounce if the ECB does not live up to expectations. Nevertheless, investors will look at upticks to initiate fresh short positions." Traders said some euro bears were just taking a breather due to uncertainty over whether the ECB will actually deliver a fresh round of policy stimulus or simply lay the groundwork to act at a later date. The euro could bounce to as high as around $1.3250 if the ECB holds off from any more easing, said Masafumi Yamamoto, market strategist for Praevidentia Strategy in Tokyo. "I don't think there is a need to lower interest rates just yet," he said, adding that while inflation in the euro zone has been slowing, the ECB will probably wait to see how the TLTRO plays out. The first TLTRO operation, the ECB's bank funding plan unveiled in June, is set for Sept. 18.

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RESEARCH VIA DAILY FOREX REPORT 03/SEP/2014

MARKET HEADLINES

• USD/INR retreats from session high; gains in local shareshurt
  USD-INR traded at 60.54/55, off the session high of 60.68 and versus Monday's close of 60.5250/5350. Traders say gains in the domestic share market hurt sentiment for the pair. Nifty was up 0.8 per cent. Most Asian FX, however, traded weaker against the dollar, limiting a further fall in the pair. Dollar inflows were also low following the US Labor Day holiday on Monday. USD-INR was seen in a 60.50-60.75 range during the day.
• Rupee down 11 paise against the US dollar in trade
  The rupee was trading at 60.63/64 versus Monday's close of 60.5250/5350. Broad gains in the US dollar versus majors and other Asian currencies hurting the pair. Dollar index was up 0.3 per cent. Traders said gains in the domestic share market, however, limiting the upside to the pair. Most Asian FX fell tracking broad dollar gains.
• Pound pares gains, gilts rise after UK factory data misses forecasts 
  Sterling pared gains against the dollar and euro on Monday, while bond futures gave up losses, after data showed activity in the UK's manufacturing sector slowed by more than expected in August. The pound fell to $1.6627 after the data, from $1.6645 beforehand, still leaving it 0.2 percent up on the day. The euro rose from a five-week low of 78.92 pence to trade at 79.03 pence. The Markit/CIPS UK Manufacturing Purchasing Managers' Index (PMI) fell to 52.5 in August - its lowest level since June last year and below all forecasts in a Reuters poll - from July's downwardly revised 54.8. Separate data showed signs of moderation in the housing sector, as British mortgage approvals fell slightly in July. British government bond futures FLGcv1 pared some of their losses, gaining about five ticks to 113.47. The FTSEurofirst 300 index of pan-European shares turned negative after the UK data to trade 0.1 percent lower at 1,372.49 points at 0834 GMT.

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DAILY FOREX REPORT FROM RESEARCH VIA 01/SEP/2014

MARKET HEADLINES

• Euro falls to near 21-month low vs Swiss franc
  The euro fell to its lowest in nearly 21 months against the Swiss franc on Thursday amid speculation that the European Central Bank will ease monetary policy in coming months, possibly by quantitative easing. The euro fell to 1.20595 francs on trading platform EBS, its lowest since early December 2012 and down 0.1 percent on the day. Before the latest speculation about the ECB, the Swiss franc had been rising due to safe-haven inflows amid renewed tensions between Russia and Ukraine. A sustained drop in the euro could test the Swiss National Bank's three-year old pledge to cap the franc at 1.20 per euro. "The likelihood of the ECB taking further measures is increasing, should long-term inflation expectations fall further," said Esther Reichelt, currency strategist at Commerzbank. "This is exerting downward pressure on euro/Swiss franc. So long as such speculation persists, it will be difficult for it to recover on a sustained basis."

• Rupee volatility falls to 3-week low, but may soon spike

Rupee's one-month implied volatility fell to 6.137, lowest since August 5. But traders expect a surge in September. Key risk events include the Supreme Court ruling on coal blocks (September 1) and US employment data (September 5), say traders. September also marks the end of quarter, which typically leads to volatility as firms square books.

• Rupee recovers 7 paise against the US dollar
   The rupee recovered by 7 paise to trade at 60.38 against the US dollar in early trade today on selling of the American currency by banks and exporters amid sustained foreign capital inflows. Besides, a higher opening in the domestic equity market and strengthening of the euro against the dollar overseas also supported the local currency, forex dealers said. Yesterday, the rupee had lost two paise to close at 60.45, nearing its four-week high levels, against the American currency on dollar demand from importers. Meanwhile, the benchmark BSE Sensex rose 82.66 points, or 0.31 per cent, to trade at new life-time high of 26,642.81 in opening trade today. 
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DAILY FOREX MARKET REPORT AND ANALYSIS 28/Aug/2014

MARKET HEADLINES

• Rupee down 4 paise against the US dollar
  The rupee depreciated by four paise to 60.47 against the US currency in opening trade today at the Interbank Foreign Exchange market due to dollar's gains against other currencies overseas. Forex dealers said besides dollar's gains against other currencies on positive economic data, month-end demand for the American unit from importers put pressure on the rupee, but a higher opening in the domestic equity market capped the losses. Yesterday, the domestic currency had gained 13 paise to close at nearly four-week high of 60.43 against the American unit following fresh dollar selling by exporters and sustained investments by foreign funds. Meanwhile, the benchmark BSE Sensex spurted by 142.51 points, or 0.54 per cent, to 26,585.32 in early trade today.

• China's yuan firms against dollar, supported by bullish view
  China's yuan rose against the dollar for a third straight day on Wednesday bolstered by bullish sentiment on the currency, with technical buying helping to offset the flat midpoint fixing. The People's Bank of China set the midpoint rate at 6.1658 per dollar prior to market open, only 0.01 per cent stronger from the previous fix. The spot rate is currently allowed to trade 2 per cent above or below the midpoint. The spot market opened at 6.1505 per dollar, and was changing hands at 6.1490 at midday, up 0.05 per cent from the previous close. 
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DERIVATIVE DAILY ANALYSIS 25/Aug/2014

India Indices- On Friday market Nifty Index opened 13.45 points up at 7904.55 in positive from the previous day closing 7891.10 and closed in positive at 7913.20. Nifty index opened positive but we saw selling in Nifty and near 12.30 o’clock Nifty traded with the day low of 7900.05 after noon again Nifty recovered and we saw hyper buying in Nifty and near the closing of the market Nifty Index traded with the life time high of 7929.05 and closed positive at 7913.20 with +0.28%, +22.10 points up. And the full day Nifty Index traded between 7929.05-7900.05. At the end of the day Nifty futures Gained +0.42%, +33.55 points up to close at 7936.70 from the previous day closing at 7903.15 with premium of 23.20 points and percent change in open interest of +2.50%.

Bank Nifty –Bank Nifty index opened up at 15699.05 with +36.85 points up from the previous day closing at 15662.20 and closed positive at 15819.15. Bank Index opened up with the day low of 15696.30 and the Full market day we saw continuous buying, and near the closing of the market Bank Index traded with the day high of 15865.30 and closed in positive at 15819.15 with +1.00%, +156.95 points up, and the full day Bank Nifty Index traded between 15865.30-15696.30. At the end of the market day Bank Nifty futures Gained +1.12%, +176.15 points up to close at 15847.85 from the previous day closing at 15671.70 with the daily premium of +28.70 points and percent change in open interest of +8.05%.

Nifty Futures- Nifty futures opened at 7912.20 with +9.05 points up from the previous day closing at 7906.30. From the morning we saw normal selling in Nifty and near 12.30 o’clock Nifty traded with the day low of 7906.30 but after noon Nifty moved up with continuous buying and near the closing of the market Nifty traded with the life time high of 7939.80 and closed positive at7936.70. And the full day Nifty Futures traded between 7939.80-7906.30 At the end of the day Nifty futures Gained +0.42%, +33.55 points up to close at 7936.70 from the previous day closing at 7903.15 with premium of 23.20 points and percent change in open interest of +2.50%.

DAILY PIVOTS

INDEX	S2	S1	PP	R1	R2
NIFTY	7885	7899	7914	7928	7943
BANKNIFTY	15625	15722	15794	15891	15963
SENSEX	26312	26366	26437	26491	26562

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DAILY FOREX REPORT FOR 25/Aug/2014

MARKET HEADLINES

• Australia shares close higher for a 7th day, up 1.4% for week Australian shares edged 0.1 per cent higher on Friday, boosted by solid earnings from Santos Ltd which supported the energy sector, though gains were tempered as some stocks traded ex-dividend. Santos jumped 3.9 per cent to A$15.16, its highest since November 2013. The S&P/ASX 200 index added 6.7 points to 5,645.6 at the close of trade, and gained 1.4 per cent for the week, climbing for a second week. The benchmark posted its seventh consecutive session of gains, its longest such streak since mid-July. New Zealand's benchmark NZX 50 index added 0.3 per cent, or 14.1 points to 5,167.0.

• Rupee hits 3-week high on S&P's fiscal deficit talk The rupee strengthened on Friday to a three-week high against the dollar after Bloomberg quoted an analyst at Standard & Poor's calling the government's target to lower the fiscal deficit a positive for the country's ratings. "The fiscal policy stance has been a constraining factor for India's sovereign ratings for some time," Bloomberg quoted S&P's associate director of sovereign ratings, Agost Benard, as saying. "If authorities can deliver on their fiscal goals resulting in a lower debt and interest burden that would benefit India's credit fundamentals," he was also quoted as saying. "If authorities can deliver on their fiscal goals resulting in a lower debt and interest burden that would benefit India's credit fundamentals," he was also quoted as saying. The partially convertible rupee rose to as high as 60.3750 per dollar, its strongest level since July 31, but had eased to 60.45/46 by 12:33 pm. It closed at 60.61/62 on Thursday.The government has a fiscal deficit target of 4.1 per cent of gross domestic product for the year ending in March 2015.  

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