I have been writing on my appreciation of Nifty based on pure technical tools till now. But now, we are at a juncture, where many other aspects need to be looked at to derive what could lie ahead.
Sentiments
Crude.
The sentiments are getting marred mainly because of the way Crude has fallen in the recent times. I had a feeling that Brent will dip to 50 and now that it has done so, I see very little downside for the time being. In fact, it may start rising for 80 or so now and remain in this range for next 12 months roughly. If the dip in crude has affected the sentiments, things should improve from hereon. In fact, I expect that Crude may close this week above 55 and leave a tail of 5 dollars to be measured in times ahead.
Gold.
Gold has done an impulse to the down and should now rise towards 1350-1450 $.
This may cause some drain in liquidity in stock markets world-wide. How this rise rise shapes up will have a significant effect on the bourses all over.
USD/INR.
This one has been my fav for some time in identifying moves in Nifty, however, it has behaved strangely in past year vis a vis know patterns in relation to Nifty. What I expect that USD/INR may now dip. While the longish term target could be 54 or lower, the shorter term target could be 62/61. Effect of this, if it happens, on Nifty should be positive.
Dow.
This one has been skywards for a long time and seems to still retain some energy to scale higher. 17650 and 17400 is the band that needs to be negotiated by either bulls or bears. My take is that it is headed higher in near future.
While these perceptions are posted here, they are mainly for personal consumption and for some close friend as well. No trades are advised based on these and those who do would be doing it at their own peril.
All the best.
