contrary to what most analysts saying on business channels that Rupee will weaken much more and go toward 58 and then 67 vs dollar and stock mkt is still in bear mkt and will plunge deep, when i studied the charts of ruppee-dollar futures as well as spot nifty found that there is a nice negative divergence developing on this glorious upmove of $ on daily futures continous charts and yday it approached the resis lvl of earlier highs too and closed just shade below it(some upmove may still be left but only for short term) so if profit booking is there in currency(rupee-dollar) it could easily lead to a sharp downmove which would be good for stock mkts(mcx and brent nymex crude is already correcting).
also i feel spot nifty is oversold and its a matter of time (max 10-15) days that it may begin its pullback toward 5200 lvl if 5080 is crossed. thereon it needs to be seen how it goes.
while the US mkt indices like Dow are likely to witness continuation of profit booking which may lead to good amount of correction and if that happens then nifty's pullback too may be short lived.
the historical spiked spot lows/tgts on Rupee are 55.55 and 57.80 per dollar respectively and there may be an attempt to test these lvls again (before it pullbacks) if there is no intervention by the central bank since now its in a free fall zone say above 54.46.
current near term nifty support is seen near 4790-4800 on spot as seen on eod chart posted previously.
also i feel spot nifty is oversold and its a matter of time (max 10-15) days that it may begin its pullback toward 5200 lvl if 5080 is crossed. thereon it needs to be seen how it goes.
while the US mkt indices like Dow are likely to witness continuation of profit booking which may lead to good amount of correction and if that happens then nifty's pullback too may be short lived.
the historical spiked spot lows/tgts on Rupee are 55.55 and 57.80 per dollar respectively and there may be an attempt to test these lvls again (before it pullbacks) if there is no intervention by the central bank since now its in a free fall zone say above 54.46.
current near term nifty support is seen near 4790-4800 on spot as seen on eod chart posted previously.
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