All my Last week analysis about possible bounce failed. Though many indicators kept moving on positive side Price continue to slide as there are lot of fear about the macro economic weakness.
Past 2 trading sessions Nifty has shaved almost 390 Points form a high of 5750 to 5360, this is almost 6-7% fall. Yes sure I did not expected this sudden fall. Almost my last 15 days profit has been eroded in this fall.
To come to the conclusion Fast falling rupee and Widening CAD - has raised a new debate that Is this crisis, is same as happened at 1991 ???
RBI looks helpless as all its efforts to stem rupee failed and situation seems to be out of control.
So I think soon Indian govt may look for an aid from IMF ??? So If I compare India's Situation to Greece !!!! some may say its too much !!! But if the situation continue like this no doubt we may soon fall in to a big crises than any other Europe countries faced few months before.
But one this is sure that the credibility of RBI and Govt is at all time low which may heavily increase selling pressure in coming days.
>>> Nifty - Weekly <<<
>>>Click the chart to see on full screen <<<
Weekly chart suggest 5380 as 50% Fib Level and Channel Support also there. So very important for this week to hold 5380 on Nifty.
>>> Nifty - Hourly <<<
>>>Click the chart to see on full screen <<<
Hourly Chart - Broken my earlier channel support and fall seems like 1-2 as on chart. Now 5380 if broken then 5280 and 5150 may open doors. Lets See.
