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*USD/INR Spot*
{Spot Ref: 83. 88 Expected Opening}
*News/Data*: Following the US Labor Day holiday, the data calendar becomes more active with key releases: ISM manufacturing data today, JOLTS job openings on Wednesday, ADP employment, jobless claims, and ISM services on Thursday, all leading up to the August jobs report on Friday.
Of course if Friday’s jobs report aligns with the consensus (predicting 165k job gains and a decrease in the unemployment rate to 4.2%), market expectations will likely solidify around a 25bp rate cut as the Fed's easing cycle begins on September 18. A number lower than 100k will trigger a sequence of “Bad News is no more Good News” reaction from Risk Assets even as the FED will be forced to cut 50 bps.
*Price Action & Technicals*: For the USD/INR, the Long Term Objective was a move into the 83.90/84.10 areas [Note: we are seeing substantial Resistance around these levels ].
For the Medium-Term/Short-Term, the pair was broadly tucked into a Range between 83.45 and 84.10 levels in many sessions of dull trading. Perhaps now with the fall in the DXY we could get a Swing to the lower side of this Range in the next two weeks.
*Intraday*: Outlook is again “Sideways” again for most of this week. Support Intraday is at 83.78 {Intraday Buying Areas}. Resistance is at the 83.97 {Intraday Selling Areas} levels.
[Note: Substantial intervention by the RBI can keep the pair even in a thinner Range post Opening as was the case the last few days/weeks]
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*Acmiil Positional Call*: Buy *TATATECH* at Rs.1040-1050 Stop loss 1020 on closing basis, Target 1150-1220
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*Acmiil Smart Delivery Trade*: Book profit in *UDS* at Rs.360-363 Buy call given at Rs.342-345
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*Acmiil Positional Call*: Buy *LATENTVIEW* at Rs.478-482 Stop loss 468 on closing basis, Target 530-565
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*Acmiil Smart Delivery Trade*: Buy *PROTEAN(BSE)* at Rs. 2065-2085 add more if 1995-2015 comes Stop loss 1950 on closing basis, Target 2200-2350
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*Acmiil Positional Call*: Buy *UPL* at Rs.593-595 add more if 575-577 comes Stop loss 555 on closing basis, Target 640-680
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*Acmiil Smart Delivery Trade*: Buy *ZAGGLE* at Rs.338-341 Stop loss 319 on closing basis, Target 390-420
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*Acmiil Positional Call*: Buy *CENTURYPLY* at Rs.780-790 add more if 755-765 comes Stop loss 726 on closing basis, Target 845-905
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*Market Updates:* Asian Markets :Mixed, *Nifty Trading Levels Pivot:* 25235 , S1 - 25201 , S2 - 25166 , S3 - 25132 , R1 - 25270 , R2 - 25304 , R3 - 25339
*Bank Nifty Trading Levels: Pivot :* 51358 , S1 - 51249 , S2 - 51147 , S3 - 51039 , R1 - 51460 , R2 - 51568 , R3 - 51670
*Securities in Ban* For Trade Date 02-SEP-2024: BALRAMCHIN
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Acmiil Smart Delivery Trade: Buy ZAGGLE at Rs. 347-350 add more if 338-341 comes Stop loss 319 on closing basis, Target 390-420
