NIFTY WEEKLY UPDATE

NIFTY WEEKLY UPDATE
-index has closed below crucial support of 16000 on weekly basis
-last time when we close below 16000 was in aug 2021
-dollar index rising and now stable above 103
-above 105 we will see panic in usr/inr
-ruppee will see further weakening
-79/80 usd/inr level is expected
-i had explained in earlier post the importance of rising dollar
-now rising dollar is accomodated with rising crude oil price
-lets measure the last swing move in nifty from 15670-18120
-index if breaks and closes below 15670 it will break the swing pattern
-a crucial support arises in the zone of 15500-15600
-all are banking that market will take support at theses level
-opening interest data suggesting a move towards 15000 will be opened if levels violated

BANKNIFTY
-finally banknifty gave up on friday and broke below support levels
-banknifty again can retest very important levels of 32200-32000
-it the level from were we had major events
-on the downside 31800-32000 if breaks market can test 30400-30500