USDINR
NIFTY
From the above two charts ( USDINR and Nifty) , we will try to predict Nifty’s next move. Since lat one month both the asset class are moving inversely. Currently, USDINR is trading near its crucial rock solid support of 64.30 levels (spot) and formed an hammer and inverted hammer candle stick patterns.
On the other side Nifty is also trading near its crucial resistance of 8300 levels ( falling trendline). Interestingly, volume is falling while price is rising, again a divergence. Hence, sooner than latter we assume a correction in Nifty till 8130-8090 levels and USD INR might fall till 65.30 levels.
Above analysis is purely for an educational purpose.
