IS THE WORST OVER FOR RUPEE????? :-
Raghuram Rajan's debut on Wednesday as the new Reserve Bank of India (RBI) governor was well-received and he immediately unveiled a slew of proposals to support the rupee.
This has raised hopes that the RBI will now adopt a new approach to defending the rupee, as the extent to which it's defence strategy has worked so far is hotly debated.
While the RBI has been intervening heavily in both spot and forward markets to support the currency, especially when it nears its record lows, there are technical signs that the rupee is set for some near-term consolidation.
The Fibonacci Retracement, a widely used technical tool that charts and predicts patterns in currency movements, signals an eventual move for the rupee to as high as 63 levels from current 66 levels.
>>>> NIFTY WEEKLY - As given on last weekly Review <<<<
>>> Click the chart to see on full screen <<<
Last week said - Weekly chart had a Pipe Bottom and Closed above 50% Fib Level and also saved 5380. Wrote the Possibility of U Turn.
>>> Happened and Yet to <<<
>>> Happened and Yet to <<<
As said last week Nifty took a U turn. So the Upmove should continue next week also.
>>> NIFTY DAILY - As given on Last Weekly Review <<<
>>> Click the chart to see on full screen <<<
As per Daily Chart given on last weekly review - Macd and Rsi gave us a Buy signal. So we saw what was the result this week.
>>> Happened and Yet to <<<
I hope no need to explain what i have mentioned on daily chart as i feel my chart speaks out every thing. In simple get ready to see more fire works from Bulls.
>>> NIFTY HOURLY - As Updated on Last Weekly Review <<<
>>> Click the chart to see on full screen <<<
Last week's Hourly chart - told about the need to cross the trend line.
>>>> Happened and Yet to <<<<
>>> Click the chart to see on full screen <<<
So this week hourly chart speak out 2 bullish signs. 1) Trend Line cross Over. 2) IHS Break out. So Targets should be 5720 and 5880 Soon.
>>> BANK NIFTY - As Updated Last Weekly Review <<<
>>> Click the chart to see on full screen <<<
Last Weekly Review - Said about Bank Nifty has completed 127.2% for wave (c)/(iii) and formed a doji.
>>> Happened and Yet to <<<
>>> Click the chart to see on full screen <<<
So this week we saw the result - Bank Nifty bounced form the low and gave a clear break out on both MACD and RSI. Crossed and closed above 23.6% Fib level confirmed the Next two targets as shown on chart.
>>> BLOCK BUSTER CHARTS OF THE WEEK <<<
>>> YES BANK <<<
>>> Click the chart to see on full screen <<<
>>> IDFC - As Updated on 02nd Sep, 2013<<<
>>> Click the chart to see on full screen <<<
>>> Happend and Yet to <<<
>>> Click the chart to see on full screen <<<
IDFC touched 87 and i feel 90 should be the logical next target.
>>>> KTK BANK - as Updated on 03rd Sep, 2013 <<<<
>>> Happend and yet to <<<
>>> ANDHRA BANK <<<
>>> LARSEN & TUBRO - As Updated on 05th Sep, 2013 <<<
>>> Happened and Yet to <<<
LT met my first target and made a good money. still more upside left next week also.
>>> PERFORMANCE (so far in the month of Sep 2013) <<<
We invite queries on niftyforall@yahoo.com
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