The Dollar Rupee Chart shows an interesting advance break out signal by the RSI which suggested a couple of days earlier that the Dollar will weaken against the Rupee.
Even the trendline support of Rs 48.70 is broken today. It seems the demand for Dollar from the FIIs has tapered off in past few days - which is also witnessed by the rally on the Indian stock markets inthe past four days.
Considering the Chart formations, I don't epect the Dollar to go beyond Rs 50.30 while on the down side, one can epect Rs 47 - 46.25 levels in the current corrective down move.
As far as Nifty is concerened, the rally is nearig the resistance level of 3125 level and if long you may try booking profits above 3100 Nifty.
Happy Trading
CA Rajiv D Khatlawala
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