For any country the Stock index and currency moves are many times correlated. The relation though is that Currency appreciation leads to upmove
Sometimes a move in one can foretell move in other.
There was a triangle formation in both Nifty and INR recently. Thats why the index and currency moves were very limited and confusing.
Well that seems to be over now as INR has broken out of the support of 45 levels from the triangle.
The Nifty index while is making higher bottom while the upside is at resistance of 5600 levels.
The INR move indicates that Index can also breakout from the resistance of 5600 levels.Chart.
Sometimes a move in one can foretell move in other.
There was a triangle formation in both Nifty and INR recently. Thats why the index and currency moves were very limited and confusing.
Well that seems to be over now as INR has broken out of the support of 45 levels from the triangle.
The Nifty index while is making higher bottom while the upside is at resistance of 5600 levels.
The INR move indicates that Index can also breakout from the resistance of 5600 levels.Chart.
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