Forex News
Rupee seen moving towards 66-67 over the next 3-5 weeks
The market saw a see-saw movement on Thursday and Friday. First, Chairman Bernanke was kind enough to prop up sentiment on Dalal Street. The "no taper" effect was seen and the market cruised past 6100 on the Nifty
.In our last weekly article we had mentioned about this possibility and also that this price move would most likely be the last of the joy rides for the bulls. On Friday, expectations were high and Dr. Rajan was expected to play along. In his own ways, he told the market that the picture is not as rosy at it seems to be
.Let us beware that the averages hide more than what they reveal. While the Nifty may be at a shouting distance of a new all time high, the situation on the ground is far worse His focus on inflation
and currency management strategies may have disappointed the street, but they sure seem to be steps
in the right direction. Kudos to the RBI Governor!!
Technically speaking, we are sensing a reversal of the bullish trend seen over the last four weeks
.The Nifty has rallied in excess of 1000 points in just a matter of 20 days and definitely warrants a correction
.However, the confirmation that a time and price reversal has taken place is still not here. If the Nifty were to fall below the 5870 mark (Nifty spot level) before Monday noon, all positional bets should be squared off and short positions should be initiated In case this does not happen and the market continues to move sideways, a fall in excess of 265 Nifty points in less than seven t rading hours would confirm that the downtrend has begun
COMMODITIES CORNER->
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