The Big Picture: Nifty has a new base at 8000.
When a market keeps bouncing from a level, then it repeats that pattern till it fails. Over last 7 months - Nifty has thrice touched 8000 and bounced from there and hence one can assume - Nifty will keep doing the same till it runs out of reason to do so.
Bad News: FIIs have turned negative on India.
The good news: Indian domestic money is supporting Indian market in big way and hope it will turn out to be big balancing force in this tussle.
Super Bullish Noises have turned cautious.
You give me a price and I will give you the logic.
USD Index making a big comeback globally.
USD index has made a huge bullish move this week. With USDINR near resistance point of 63.9 - Will INR be able to resist or start depreciating beyond 63.9? Here's USDINR weekly Chart
Technically USD is set to make a comeback against all leading currencies. Russian currency Ruble placed at Long term moving average support. The currency should now depreciate
Big Global Factor to watch: Long Term Interest rates in US.
Dramatic rise in Long term Interest rates can have destabilizing impact on Global Financial markets. The trend is gaining momentum and hence one should keep a close eye on
Are we at turning point again:
1. Is Dollar going to rise again hammering other asset classes?
2. Will Long term rates rise on sustainable basis?
3. Will INR depreciate below 63.9?
4. Will Nifty save the support of 8000 in case Globally markets sell off?
Please share your comments on what you think of above market observations
Disclaimer – The state of the market notes is Deepak’s perspective on the market. The column is purely for educational purpose. Nothing contained herein is a solicitation to trade or a recommendation of a specific trade. By reading this publication you agree to make no trade relying in whole or in part on the comments of the writers