Nifty...Brent Crude... The Fundamentals and the Technical aspect

15 באוק׳ 2023

In our previous updates I had mentioned that Brent crude above $90 can be a cause of worry.

The current chart set up for Brent crude suggests it can go above $100

The Fundamentals
If crude is heading higher, it could add pressure on Indian Imports.

At the same time, the recent Quarterly results of our major IT export companies are not encouraging enough to suggest that it would be able to offset the Balance of Trade.

As a result it could increase India's trade deficit and if the rise in oil prices is passed on to the consumer then it would impact inflation as well.

The Technical aspect
Nifty so far is trading above 21 day EMA ( currently around 19684 ) and 63 day EMA ( currently around 19515 ).

If Nifty stays below 63 day EMA for 3 consecutive days, we could see Nifty trending lower possibly towards 18820 odd levels .

There you go... Current scenario and Important levels have been discussed...

Hope it is helpful...

Take care & safe trading..

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Disclaimer
-The view expressed here is my personal view
- Past performance is not a guarantee for future predictions
- I have been wrong in the past and can be wrong again in future too
- Use this for educational purpose
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- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
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- Do take proper risk management measures
- Do your own analysis and consult your financial adviser if need be