Nifty and INR : The relation is telling something Part 2

This post is second in a series which shows correlation between Index and Currency. Most of the moves can be detected through this relationship.

In Part 1: Nifty and INR : The relation is telling something  The Rupee breakout told us about the Nifty upmove.

This time the INR has come out of the channel and is trading higher ( or lower in exact sense.) The index meanwhile is still holding the lower channel. Any sustenance of INR above 44.50 can surely be more bearish for the Index.

Nifty and INR : The relation is telling something

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.