RUPEE DRAG MARKET LOWER

The Nifty opened with a small gap up, traded higher then came falling down and closed back up near the highs of the day on Thursday. This has been the choppy/ volatile market we have been trading in.

On a broader sense, we have been trading in a range for the last five sessions, between 5750-5900. The positive is we have come down quite fast, hence stretched on the down side and we still trade above 5750, which is a crucial support zone. The negatives are the Nifty does not have the support of the Bank Nifty, which is a crucial contributor. The market is in a downtrend and the rupee depreciation will drag the market lower. I suggest we wait for a break out from this range before initiating a trade on the index.

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