Getting impatient for “Acche Din” –I guess this is the case with every Indian since we voted BJP to power in 2014 since expectations were high & everyone was desperate to see better results.
But let us not forget Mr.Modi talked about 60 Months & it is just 24 months old under his leadership. The devastated state of the country’s economy was to be restored to normal first & Mr.Modi is doing his share of work. So, have faith in him.
Report on 6th April 2016
Unless USDINR closes below 65.95 & breaches rising trendline- do not assume that rupee will appreciate further beyond 66 & it is better to buy dollars. Technically, It was suggested that we shall have one more leg on upside in the form of Z-Wave.
Bang on…The journey has started, USDINR has closed & made a high as well above the ruin point 67.50 on 19th May 2016, Going forward –we have greater possibility that USDINR can even cross 68.80 & 69.22.
Let us not be scared & face that with courage – we might even have spikes above 70 odd levels which will create panic in market.
Looking at the structure, that is the euphoria which dollar bulls shall create in market very close to highs of 69.22 but it will be foolish to buy dollars in panic state as that is the time –when markets will change their hands & table could turn upside down for bulls – making bears stronger in that state.
Any day, when we have panic buying in dollars very close to previous high & making new high i.e. above 69.22 & not sustaining that high means- spike in candle with long shadows(kindly visit google for long shadows in images)- shall be the first clue that bulls be careful – dollar could start its downward journey.
Abhishek H.Singh, CMT