USDINR signals Nifty has legs

FX_IDC:USDINR   U.S. Dollar / Indian Rupee
inter-market analysis can be tricky but even as the USDINR hit a new high yesterday, the last two days bounce on hourly charts is a-b-c, what that means is that it is not a new move but the end of something. If USDINR closes down today after that it would add weight to a positive near-term outlook for the Nifty given the historical inverse correlation between Nifty and USDINR.

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