In the past few days, Brent Crude prices has seen steady up move after formation of double bottom and is on a verge of breaching intermediate high for a potential target of USD 103 a bbl. We expect Nifty to sharply react lower by 8-9% on Brent crude crossing above USD 87.5 a bbl mark and may also have severe impact on USDINR which is also geared for testing 87.

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