Markets inched further higher on Thursday to cross above 19,700 on the back of a sharp surge in Bank Nifty while key concerns like rising USDINR and Brent Crude prices continue. The broader market index namely the Dollex 100 index which is basically the BSE 100 Index in USD terms has formed a bearish pennant where Wave C within Wave 2 is coming to an end and a negative closing of 0.65% or 125 points in Nifty 50 should be sufficient to confirm a major trend reversal. The crucial breakout for USDINR is seen at 83.46, above which we may see a quick short covering towards 88.
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