USDINR . time for corrective rise!

The Nifty opened strong in the morning but again gave an indecision candle (doji). The market is becoming increasingly confused and it seems, there is some underlying order below the confusion....

The USDINR , which usually goes agaisnt the Nifty, has shown signs of reversing its recent downtrend. The rupee hitting highs is not at all good for the exporters and the RBI yesterday intervened.



The USDINR chart has formed a bullish engulfing pattern on daily charts and the indicators are in oversold zone. this should suggest a corrective rise towards 45.50 - 45.80 levels.

Traders may keep a strict stop at 44.20 .

Happy Trading

CA Rajiv D Khatlawala
www.investogyan.com