The 50-day EMA broke above the 200-day EMA, forming a so-called „golden cross”. Overnight local Indian time, the Americans reported that the CPI was 0. % on the month instead of the expected 0.6%. This should help ease the pressure on emerging market currencies that other indices around the world are flagging. It is also worth noting that the country’s stock market is approaching major resistance. For example, at , , the Nifty 50 is currently trading just above ₹ 18,000, which was a resistance level earlier. Advertisement Stock Markets Crash Again Buy Dips Now! The level above ₹ 18, 00 was a major resistance and hence it is interesting to see that we pulled back from there. If we can break above this, it will open the possibility of a move to the ₹ 18,500 level and much beyond. Looking at the charts, we’ve been forming a bit of a round bottom for a while now and it looks like we’re ready to explode. If we break above the ₹ 18,500 level, it is very likely that this market will touch the ₹ 21,000 level if the measured move is anything to go by. Decline buy The 50-day EMA broke above the 200-day EMA, forming a so-called „golden cross”. We’ve been in an uptrend for a while, but over the last year the market has been trying to digest those gains. It looks like the market is trying to figure out if it has enough momentum to keep moving higher. A break below the 200-day EMA could open up the potential for a major „double top” in this index. The biggest problem I have with stocks in general right now is that the global economy seems to be slowing down. However, it is possible that India will once again buck the trend, as India is an almost certain beneficiary of China’s problems. Most of the West wants nothing more to do with China, at least if they can get away with it. Even Apple recently hinted that more of its iPhones will be built in India. I suspect this is a longer-term trend, so it makes investing in India a bit different. Right now, it still looks like a „buy the dip” market, as it has been for some time.