Has the Modi Magic failed or something else. BJP is not able to leave good mark in Bihar elections. Don't know how market will welcome this result.
Lets focus on the charts to get the clues for next movement:
NIFTY:
Nifty is still trading in the channel which was started 4 months back. Nifty is still in ping pong mode as 8350-8480 levels were not taken out. This week close was just at support. Any close below this Nifty is headed towards again to the bottom of the trend. Anyways, Nifty has clusters of support in range 7380-7650. Nifty is expected to be very volatile before start of new trend.
Nifty will not resume bull rally which started 1.5 years back untill the current trend line is taken out.
Bank Nifty:
Bank Nifty is also moving in similar trend line. We have to wait for some divergences before taking any bounceback trade.
USDINR:
The breakout finally happened on dollar chart. This breakout happened on thrusday itself and it gave clear indication that some major impulse wave is coming soon next week. Although Nifty chart closed at support confusing the election outcome due to mixed exit polls but this was the chart suggesting some negatives are around the corner.
The dollar charts are already explained time to time in this blog. From charts, it seems we are heading towards 67+ in near future with some small halts at 66.46 and 66.92 being previous high points.
NOTE: Above charts are only shared for learning purpose and these are not some BUY/SELL tips.
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