so the medium term downtrend from 5950 is still on.
short term still ranged between 5440 and 5605. this has helped our nifty strangle strategy given on twitter.
no fresh trades(long or shorts) as of now till the range is broken out on either side.
positive bias if nifty manages to stay close above 5530 through the week, 5593 needs to be broken out eod for any near term upmove. 5620 and 5670 remain near to short term resistances.
many months ago i had mentioned(probably in some comment section on this blog) that the dollar was just bouncing and no reversal had taken place, rightly so dollar index continued downward journey. but right now a nice pullback, looking at few days lagging data, from lows and divergence on usd-inr price rsi charts indicates that it may have already completed near to completion of its intermediate to long term downmove and chances of a reversal might be taking place, meaning a stronger dollar for short term(one month) is quite possible. and much stronger reversal if medium term weakness is also taken out(needs follow up in days to come to confirm on this). a stronger dollar-inr has recently meant money getting pulled out from the indian stock mkts.
short term still ranged between 5440 and 5605. this has helped our nifty strangle strategy given on twitter.
no fresh trades(long or shorts) as of now till the range is broken out on either side.
positive bias if nifty manages to stay close above 5530 through the week, 5593 needs to be broken out eod for any near term upmove. 5620 and 5670 remain near to short term resistances.
many months ago i had mentioned(probably in some comment section on this blog) that the dollar was just bouncing and no reversal had taken place, rightly so dollar index continued downward journey. but right now a nice pullback, looking at few days lagging data, from lows and divergence on usd-inr price rsi charts indicates that it may have already completed near to completion of its intermediate to long term downmove and chances of a reversal might be taking place, meaning a stronger dollar for short term(one month) is quite possible. and much stronger reversal if medium term weakness is also taken out(needs follow up in days to come to confirm on this). a stronger dollar-inr has recently meant money getting pulled out from the indian stock mkts.
