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September 28, 2022
World Markets at a Glance for currency, equity, commodities, bonds, crypto currency, financial news & major economic events of September 28, 2022.
.Indian rupee is likely to open around 81.90 levels following the global dollar strength and Chinese yuan crossing 7.2 mark. These levels of volatility is rarely seen in the market and we strongly recommend to hedge the exposures of Export & Import.
The current level is 81.85.
In the daily chart, first support is placed at 81.75 ( upper Bollinger band). The break of 81.75 will take the pair towards 81.15 (7 day moving average).
No resistance in charts as this is all time high
In technical indicators, RSI is at 78.70 and is now overbought.
MACD is also very wide and Bollinger band is also very wide.
On Wednesday, the pound remained near a record low due to lingering concerns about Britain’s radical tax cuts to spur growth, while the dollar edged higher after Treasury yields surged overnight.
Sterling fell 0.4% to $1.0693 in early Asia, following a 0.4% gain the previous session, and is still suffering from deep losses following its drop to an all-time low of $1.0327 at the start of the week.
Meanwhile, the dollar was trading near a two-decade high against a basket of currencies, with the US dollar index rising 0.18% to 114.35, close to Monday’s high of 114.58.
The euro dropped 0.2% to $0.95735. Following the surge in US Treasury yields, the Japanese yen was uncomfortably close to a 24-year low of 144.79 per dollar in Asia.
.The sell-off is expected to roil Indian equity markets again on Wednesday, with the SGX Nifty indicating a gap-down opening for the broader index with a loss of 160 points.
The BSE Sensex fell 38 points to 57,107, while the Nifty50 fell 9 points to 17,007, forming a bearish candle on the daily charts and defending the critical level of 16,950-17,000.
According to the pivot charts, the Nifty’s key support level is 16,808, followed by 16,600. If the index continues to rise, the key resistance levels to watch are 17,000 and 17,142.
According to preliminary data available on the NSE, foreign institutional investors (FIIs) net sold shares worth Rs 2,823.96 crore on September 27, while domestic institutional investors (DIIs) net bought shares worth Rs 3,504.76 crore.
Asia-Pacific stocks fell on Wednesday after the S&P 500 set a new 2022 low overnight on Wall Street. The offshore and onshore Chinese yuan have fallen to their lowest levels since 2008.
The Nikkei 225 index in Japan fell 1.56%, while the Topix index fell 1.15%.
The Hang Seng index in Hong Kong fell 1.82%, while the Hang Seng Tech index fell more than 2%. In mainland China, the Shanghai Composite was down 0.48%, and the Shenzhen Component was down about 1%.
MSCI’s broadest Asia-Pacific equity index outside of Japan fell 1.12%. The South Korean Kospi fell 1.61%, while the Kosdaq fell 1.34%. In Australia, the S&P/ASX 200 was down 0.33%.
The Dow Jones Industrial Average gave up around 400 points earlier in the session, falling 125.82 points, or 0.43%, to 29,134.99 at the close. The Nasdaq Composite rose 0.25% to 10,829.50 points.
Oil prices were mixed in early Asian trade on Wednesday, with support from Hurricane Ian-related production cuts competing with crude storage builds and a strong dollar.
Brent crude futures fell 4 cents, or 0.1%, to $86.23 per barrel, while WTI crude futures in the United States rose 22 cents to $78.03 per barrel.
According to the Bureau of Safety and Environmental Enforcement, approximately 190,000 barrels per day of oil production, or 11% of total Gulf production, were shut down . Natural gas producers lost 184 million cubic feet, or nearly 9% of daily output.
Wednesday, Sep 28, 2022
|12:45||EUR||ECB President Lagarde Speaks|
|17:00||INR||RBI MPC Meeting Minutes|
|19:30||USD||Pending Home Sales (MoM) (Aug)|
|19:45||USD||Fed Chair Powell Speaks|
|20:00||USD||Crude Oil Inventories|
Disclaimer: All information in this report is collected from various sites on the internet. Although we have taken all precautions for the correct representation of data however we do not take any responsibility for any errors and omissions. The technical analysis and views expressed are the author’s own views. We are not responsible for any losses on account of following the same.