The counter is in a long-term bearish cycle.
It made a break down of the critical support of 108 and consolidated in the form of a bearish flag pattern, which is the wave 4.
Now it has made a bearish breakout and commenced the wave 5.
Also, the 25 bps cut is set to weigh down the price in the near term.
Hence, we expect to continue its bearish movement and complete the wave 5.
It made a break down of the critical support of 108 and consolidated in the form of a bearish flag pattern, which is the wave 4.
Now it has made a bearish breakout and commenced the wave 5.
Also, the 25 bps cut is set to weigh down the price in the near term.
Hence, we expect to continue its bearish movement and complete the wave 5.