USDINR signals Nifty has legs

inter-market analysis can be tricky but even as the USDINR hit a new high yesterday, the last two days bounce on hourly charts is a-b-c, what that means is that it is not a new move but the end of something. If USDINR closes down today after that it would add weight to a positive near-term outlook for the Nifty given the historical inverse correlation between Nifty and USDINR.