BUY DOLLAR-SELL NIFTY REPORT

Before few week ago I have given bold buy signal on market with analysis of performance cycle hope u have taken advantage of the same.

Now In this article I am going to write on USD INR and Nifty.

As per technical I have worked on two strategies

For High risk trader
Buy dollar-Sell nifty

For Low risk trader
Buy dollar-buy nifty

Before few weeks ago I have given analysis of USD INR with ending diagonal pattern and anticipated sell on dollar from 52 and my target was 48 and it achieved 48.80 now as per Elliott wave structure it may have completed the smaller degree wave of 8 leg near 48.80 which are below

Wave 1 43.80 to 49.80
Wave 2 49.80 to 48.70
Wave 3 48.70 to 52.80
Wave 4 52.80 to 51.4
Wave 5 51.4 to 54.8

Wave A 54.8 to 52.3
Wave B 52.3 to 54.70
Wave C 54.7 to 48.80

As per smaller degree and classical technical analysis USD INR has taken strong support of triple bottom at 48.80 and have taken strong support of hammer at 48.70 and with this we have completed correction of more then 50% of entire rally from 43.80 to 54.80 so there is high probability of ending larger degree wave 2 around 48 levels and if this is the case then we will have 3rd wave above 55 and which will see either 62-65-70 in time to come.

As shown on chart USD INR has just breakout form falling wedge and trying to inching higher which indicates buying at lower levels and taking support of 233 days exponantional moving average and long term bullish moving average structure.

As per Elliott wave and classical technical analysis dollar likely to strong against Indian ruppy in time to come.

I have also attached chart of nifty-cash with rising wedge on daily chart ,in last five days nifty is trading in band of 5427-5322 while dollar has risen by 1 ruppy means smart investor are active in stock distribution at higher levels.

In days to come nifty trader can short nifty below 5300 with stop loss of 5435(levels are cash nifty)

Now lets discuss the strategy in detail

For high risk traders

Buy dollar with stop loss of 48
Sell nifty below 5300 with stop loss 5435

For low risk traders

Buy dollar with stop loss 48
Buy nifty above 5435 with stop loss 5322

In high risk strategy u are taking bold call of rising dollar and falling nifty and in low risk u are buying dollar and buying nifty and hedging preferred view of rising dollar.

Trader should keep in mind his risk profile and then trade in any strategy.

In short as long as dollar is holding 48 we have completed wave c of smaller degree and larger degree wave 2 and nifty breaking the 5322 will confirm the rising wedge pattern and confirms the bearish view.

IN BELOW POST U CAN VIEW BOTH CHART AND ANALYSIS