Some good moves seen in current expiry where in Nifty is trying to recover after a good fall and INR also showing some respite against Dollar. In India, the currency comparison is generally done along with Nifty movement. Lets discuss today how these two things are related.
Nifty Vs USDINR:
The above chart is comparison of Nifty and USDINR charts. From the charts, it can be clearly seen that both are complementing each other. Whenever, USDINR makes an intermediate high the Nifty makes intermediate low and it does not matter what is long term trend of both.
The left part of comparison is when Nifty was in up-trend while Right side of comparison is when Nifty is in down-trend.
At current point of time, a simultaneous spike seen in both in short term. What will happen , it will be interesting to see :-).
Now lets see how individual charts are shaping to understand some new learnings :
NIFTY:
Nifty is ideally trading in big down trend channel from sub 9100 levels. In last few months, great recovery is seen in Nifty and it formed a small uptrend channel. Today Nifty managed to close above this channel. Untill this channel is not broken Nifty is heading for sub 8150-8200 levels.
USDINR:
Dollar did a rounding bottom recovery from 64.5 levels and just gave a breakout above inverse Head and shoulder pattern. 66.93-95 level is next resistance level. Above this a clean move might come ;-).
In Summary, both are giving bullish signals but as per comparison one may give a fake signal ;-).
Vascon Engineer:
New Cup and handle in making. Charts say it all :
Previous Recommendations are going great. Keep booking if one has short term view. Our Defensive picks are running good (Refer Defensive Picks)
NOTE: Above charts are only shared for learning purpose. These are not some BUY/SELL tips. Do your own research while investing.
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