Long Nifty : Long at 7970 - 7900
Stop Loss : 7750
We expect this to be a completion of wave 4 correction !!
On other hand USDINR is trading at life highs !!
Both of the above are either oversold or overbought !!
Looking at other coming events
-- Rate cut of 50 bps by RBI in december - expected (25 bps factored in )
-- FED Meet - markets prediction are now wrong or say biased --- we expect dollar to cool off and gold to touch 1400 in coming 2 months -- only possible if FED Stays Put or even if FED hikes 25 bps, it is already factored in so Dollar is going to cool off !!
Looking at today if by chance Nifty opens gap up tomorrow (8020) and closes with some gains -- it might be the start of final wave 5 for Nifty !!
Stop Loss : 7750
We expect this to be a completion of wave 4 correction !!
On other hand USDINR is trading at life highs !!
Both of the above are either oversold or overbought !!
Looking at other coming events
-- Rate cut of 50 bps by RBI in december - expected (25 bps factored in )
-- FED Meet - markets prediction are now wrong or say biased --- we expect dollar to cool off and gold to touch 1400 in coming 2 months -- only possible if FED Stays Put or even if FED hikes 25 bps, it is already factored in so Dollar is going to cool off !!
Looking at today if by chance Nifty opens gap up tomorrow (8020) and closes with some gains -- it might be the start of final wave 5 for Nifty !!
