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Today we will look at NIFTY, a leading index for large companies on the National Stock Exchange of India. I do not track this market often, neither we follow it in our services, but sometimes we make an exception and check different markets per client's request.

When looking at a lot of markets it’s important to focus on those with a clear price action, and NIFTY is one of them for sure. We see only one direction, UP, and we do not have any reasons why to fight the trend. In fact, there is a nice impulsive rally in progress on a weekly chart while on daily it made a visible three wave decline followed by a nice bounce in the past week that confirms the bullish case. Ideally we will see NIFTY reaching a new high by the year end.

If you trade us more regularly then you will know that a week or two back we published our long-term view on US markets (for video click here). We are there bullish as well, and as you can see markets are correlated and with the structure on NIFTY we just become even more confident about incomplete bullish cycles on stock markets across the globe.

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Yen crosses area moving sharply down in line with stocks as US bonds are trading higher. Recent declines are strong and sharp so we are interesting to join the trend but we need pullbacks first. On AUDJPY we are anticipating a new one in days ahead. It can be wave (iv) bounce that may come from current weekly trend line that pair is testing it right now around 91/92 figure. Ideally we will get a three wave, corrective bounce back to 94.00/94.50 area that would be a nice region to join the downtrend.

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