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The daily turnover of the Global Forex market if taken together estimates at about 3 trillion US$. With this huge turnover the Global Forex market is bigger than any stock market of the world. There was a time when Forex trading was considered the forte of the financial institutions and corporate banks but of late it has become popular even with the retail investors. There are so many factors that have made Forex investment a preferred investment medium for the retail investors. The higher leverage, higher profit potential, round the clock trading hours – all these factors have been instrumental in making Forex trading so wide popular all over the world. As an investor if you want to get maximum profit from your investment at the Forex market, you need to have a comprehensive idea about the functioning of the Forex market. Here we are providing some insight into the world of Forex trading that you need to know as a Forex trader.

How to read the Forex quotes?

There are so many currencies that are traded at the Forex market but there are only seven currencies that are most widely traded all over the world and these currencies are USD, EUR, GBP, AUD, CAD, JPY and CHF. At the Forex market currencies are traded as a pair and the Forex quote is presented in the form of spread. That means your Forex broker offers you the price for buying and selling a currency pair. As a trader if you accept the quoted price the trade is executed at the Forex market by the broker. In the Forex quoted the symbols of the two currencies are presented along with the bid price and the ask price for the currency pairs.

How currencies are traded at the Forex Market?

Each currency pair has two different currencies. Among these two currencies one currency is called the base currency and the other is called the price currency. Generally as a trader you have to invest in the base currency and the value of the base currency will be calculated in relation with the price currency. For example if you are trading on EURUSD currency pair where the EUR is the base currency and the USD is the price currency. You will be investing for specific volume of EUR, let us say 1000 EUR. While buying you have to pay for the price of the 1000 EUR in your currency and the price will be calculated in the USD. When you will be closing the deal the valuation of 1000 EUR in USD will be the price. If the value of EUR increases in respect to USD you get the profit and if the value of the base currency decreases in relation to the price currency you will incur loss in the trade. This is the most fundamental and basic form of Forex trading and there are of course for many parameters and factors that come into play during Forex trading.

How to trade in the Forex market?

Once you accept the quote offered by your Forex broker, the trade is executed by the broker. This lets you trade at the Forex market without attending the trading floor of the Forex market. It makes it also possible to trade at the real time. In fact the online trading systems that are provided by the Forex brokers lets you keep watch on the live and streaming quotes of the currency pairs and then pick up the trades for investment. Moreover you need not have to pay for any transaction fee or brokerage for trading in the Forex market.

Ideal Forex trading strategy – Forex trading is done mostly as margin trading and in Forex trading you will get high leverage. That means with little deposits you can invest in huge valuation of currency pairs. This high leverage lets you trade in the Forex market for greater profits while investing comparatively small amount of money. In fact for some currency pairs that are most widely traded, some brokers offer a leverage of 100 times. That means with deposit of US$ 1000 you can trade for US$ 100,000. This is what makes it possible to earn a fortune at the Forex market. But you need to determine the optimum level of leverage that you can enjoy so that you gain most but loose as little as possible when the market swings.

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Share Market Closing Note

Market ends mixed amid wild swings on Budget day; FMCG stocks shine

ITC, ICICI Bank, JSW Steel, Tata Steel and Tata Consumer Products were among the top gainers on the Nifty, while losers were Adani Enterprises, Adani Ports, HDFC Life, SBI Life Insurance and Bajaj Finserv.

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Topic :- Time:3.00 PM

Todays fall is not due to Budget but due to following news:

Credit Suisse stops accepting bonds of Adanis group amid Hindenburg row.

Nifty will head towards 17200 in coming sessions investors should stay beware. 

Nifty spot if holds above 17420 level on closing basis then expect some pull back in coming session and if it closes below above mentioned level then some sluggish movement can further be observed. 

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Topic :- Time:2.00 PM

Nifty has lost of its earlier gains now. Nifty spot if breaks and trade below 17680 level then expect some further decline in it and if it manages to trade and sustain above 17700 level then some upmove can follow.

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Topic :- Time:1.30 PM

COPPER Trading View:

COPPER is trading at 785.60. If it manages to trade and sustain above 786 level then expect some upmove in the market and if it breaks and trade below 784.80 level then some decline can follow in the Nifty.

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Topic :- Time:1.00 PM

Nifty spot if manages to trade and sustain above 17960 level then expect some further upmove in the market and if it breaks and trade below 17920 level then some decline can be seen in the Nifty. Currently nifty is trading at 17934.

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Topic :- Time:12.50 PM

Tax Proposals in thr Finance Minister speech in Budget 2023*

Indirect Taxes

1. Customs duty on goods of textiles, toys, bicycle reduced from 21 to 13%

2. To promote Green Mobility - basic customs duty concession for lithium ion battery

3. To promote Electronics manufacture- relief on customs duty for camera lens and lithium battery  

4. Television - TV panels customs duty reduced

5. Electric kitchen chimney to reduce inverted duty structure from 7.5 to 15 percent

6. Benefit for ethanol blending program and acid program and epichlorohydrine

7  Marine Products- to promote exports - shrimps, etc. Duty on shrimpfeed reduced

8. Basic Customs duty reduced for seeds in manufacture for diamonds

9. Customs duty to increase in silver bars

10. Steel - concessional customs duty on  steel and ferrous products 

11. Copper - concessional customs duty on copper

12. Rubber - concessional customs duty on rubber

13. Cigarettes - increased tax 

Direct Taxes

1. Common IT form and grievance redressal system

2. MSME - avail benefit of presumptive taxation increased to 44AD to 3 crores

Professionals u/s 44ADA - 75 lakhs 

Provided receipt in cash doesnot exceed 5%

3. TDS only on payment for deduction

4.  Co-operatives tax -15%

Higher limit of 2 lakh per member for cash deposit in agricultural banks

Higher limit of Rs. 3 crores on TDS for cooperative societies

5. Startups

To avail startup benefits from 31-03-2023 to 31-03-2024

6. 100 new joint commissioners for appeal

7. S.54 to S.54F capped at 10 crores

8. TDS on Online gaming - 

9. TDS 30% to 20% on taxable portion of EPF

10. Extending funds for GIFT and IFSC

Personal Income Tax

1. Rebate for income upto 7 lakhs u/s 87A in the new tax regime

2. New tax regime from

0-3 lakhs nil

3-6 lakhs- 5%

6-9 lakhs 10%

9-12 lakhs 15%

12-15 lakhs  20%

Above 15 lakhs- 30 %

3. Standard deduction for new tax regime for Rs. 15.5 lakhs or more -52,500

4. Reduction of highest surcharge from 37% to 25% on new income tax regime

5. Limit on tax exemption for leave encashment is increased from 3,00,000 to 25,00,000

6. New income tax regime default regime

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Topic :- Time:12.30 PM

SILVER Trading View:

SILVER is trading at 69826. If it manages to trade and sustain above 69900 level then expect some quick upmove in it and if it breaks and trade below 69700 level then some decline can follow. Good buy will be from around 69300 level. Buy on dips recommended for now.

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Topic :- Time:12.00 PM

We are in the last leg of the budget announcement now. Expect some wild swings now. Nifty spot if manages to trade and sustain above 17820 level then expect some upmove in the market and if it breaks and trade below 17760 level then some decline can be seen in the market.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex gains 400 pts, Nifty around 17,750; banks gain, oil & gas stocks drag

2. FM Nirmala Sitharaman presents Union Budget 2023

3. Manufacturing PMI falls to 55.4 in Jan from 57.8 in Dec, hiring near pause

4. US, India seek joint production of GE jet engines amid push for closer ties

5. Adani groups stock slump worsens as key share sale fails to lift mood

6. Income tax department conducts survey action against drug major Cipla

7. India imported more Russian crude oil than ever in January, shows data

8. Indian Hotels soars 7% on heavy volumes backed by strong Q3 show

9. Adani Enterprises Rs 20,000-crore FPO sails through Hindenburg storm

10. Escorts Kubota rises 16.5% YoY on strong tractor sales data in January

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 01 Feb,2023:

Finance Minister Nirmala Sitharaman will present Budget 2023 today. Expect nifty to react as per news and developments. Nifty to remain highly volatile.

Nifty spot if manages to trade and sustain above 17720 level then expect some upmove in the market and if it breaks and trade below 17620 level then some further decline can follow in the Nifty.

Please note this is just opening view and should not be considered as the view for the whole day.