Commodities Outlook: Indian Rupee looks vulnerable against US Dollar. The twin shocks of country's trade deficit hitting $13.69 billion against 10.65 billion and exports dipping after a gap of four months in March is weighing the rupee. US Dollar Index did moderately bounced back above 89 levels but the undertone still looks weak. Indian Rupee has broken out of the trading range of 65.50-64.80. We expect Indian Rupee to depreciate further till 66-66.10.
Buy Silver
Target: 41,000
Stoploss: Rs 40,000
Silver has broken out of its trading range between 39500-37900. The oscillator especially Stochastic has generated a buy signal. The moving average has curved upwards indicating a continuation of ongoing upside momentum. We expect Silver to touch 41000 before it retraces back as RSI_14 will be in the oversold region at that time. Currently, it is just a shade below oversold region. The big white candle indicates strong momentum on the daily chart and usually, we see follow up move after such a big up strong move. So we advice taking a long position with stop loss of 40000 and target at 41000.
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