Stop Loss : 7750
We expect this to be a completion of wave 4 correction !!
On other hand USDINR is trading at life highs !!
Both of the above are either oversold or overbought !!
Looking at other coming events
-- Rate cut of 50 bps by RBI in december - expected (25 bps factored in )
-- FED Meet - markets prediction are now wrong or say biased --- we expect dollar to cool off and gold to touch 1400 in coming 2 months -- only possible if FED Stays Put or even if FED hikes 25 bps , it is already factored in so Dollar is going to cool off !!
Looking at today if by chance Nifty opens gap up tomorrow (8020) and closes with some gains -- it might be the start of final wave 5 for Nifty !!