Will Nifty correction continue in septemer
After the drubbing that Nifty received last week which was highly volatile where on Tuesday we are so close of breaking the 5169 level which is upper end of trading range but on Thursday we gave 4.5% in single session and eventually on Friday broke the lower end at 4900 and closed below it.
Before going into technical of Nifty for next week want to highlight few observation regrading last week Commodity correction where Crude went below 80$ and Silver cracked 20% Gold 8% worst fall since 2008 was due to rise in Dollar which moved above its 200 DMA of 76 and moved towards 78 levels. Above 200 DMA USD can reach 79 and 81 levels which means more correction in Equities and Commodity
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Before going into technical of Nifty for next week want to highlight few observation regrading last week Commodity correction where Crude went below 80$ and Silver cracked 20% Gold 8% worst fall since 2008 was due to rise in Dollar which moved above its 200 DMA of 76 and moved towards 78 levels. Above 200 DMA USD can reach 79 and 81 levels which means more correction in Equities and Commodity
Will Fall in commodity will be beneficial for Indian Government ?Rise in Dollar is inversely proportion to Equities and Commodities.
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posted by Bramesh at
1:05 AM
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