Within the interest rate cycle all countries are at different phases, Japan is the leader followed by Europe followed by USA followed by Emerging Markets. With an interest rate around 6.2% they are far from the lower band thus behind the USA in the cycle. Since the USA had rates around 6.2% coming down from 8% in the 1990s we can assume this is about where India...
The market seems to have completed a flat consolidation and is ready to move on higher towards 33.60/34.85. Risk will be to see another correction back to 29.30 before the rise, but that would present an awesome opportunity to go long.
