>Click the image to see on full screen<
The rupee today fell by a whopping 71 paise to hit a new life-time low of 57.77 in the late morning trade on persistent dollar demand from importers and and banks amid the US currency gaining overseas.
Chief economic adviser Raghuram Rajan, said the weakness in rupee could be a temporary phenomenon. "India has large CAD, and currencies of emerging markets (with) large CAD have depreciated more. This could be temporary phenomenon. But again let me reiterate government is not supportive of weakening of rupee and we would like more stability," he said.
Finance Minister P Chidambaram, too, had said there was no cause for alarm and the currency would soon find its stable level.
Falling Rupee raising concerns whether the Reserve Bank of India (RBI) would ease policy rates in its upcoming meet next week.
Unlike I predicted Last week about Bullish Wolf Wave, Nifty made a very choppy + volatile trade after a gap up opening today morning, ended day in negative zone after weakness in rupee worried market.
So its inevitable to find a alternative move on Nifty. Here it is...
>Click the chart to see on full screen<
I dont think there shall be any steep correction or panic fall with immediate, instead the ongoing move shall be in the form of a-b-c-d-e format (only if 5854 gets broken) which may get complete at 5754 or near to it. It shall be like a 'Flag' Like Pattern, and a break out above the flag needed for an upmove after the fall gets complete.
So its like a No Trade Zone. Lets wait and See.
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