We received overwhelming response to our Golden Wealth and Real Wealth portfolio services. Now onwards, we would charge Rs. 10,000/- for the service as was communicated earlier.
In our continuous endevour to render accurate and timely services, we are adding one more service to our bunch of products.
It is Trading Service. Henceforth, we will keep on posting our trading calls on blog– https://investmentacademy.wordpress.com/ .
It would be mainly short to mid term trading calls except intraday when we are too sure to give.
Actually, we were to post our stand on Reliance Communication yesterday but because of technical difficulties, we could not post it yesterday.
It has jumped up 12% today. But, we continue to standby our call.
RCOM : TIME FOR SOME FISHING!!
The market has shown quite a bit of choppiness in the recent days in its bid to find a clear direction. Amidst this volatility some stocks are showing first signs of bottoming out from a medium term perspective and may even prove a good bet against the growing volatility in the overall market.
For a past few months RCOM has been in a sluggish move with a negative bias. But in a past few days there has been some interest in this counter probably by some of the big players, which is reflected in the volume which has picked up in recent days. So now the line of least resistance for the stock seems to be in the upward direction.
A close above 148-150 will accelerate the move in northern direction.
The sideways movement may continue for a few days till it finds a cause for a further move. One can keep a stop below 142-140 and can enter the stock for a medium term target of 160-180.
The nifty is trying to trying to find a firm footing on either side( up or down) amidst the intraday volatility. The daily chart of nifty has formed an interesting pattern of constantly forming lower tops and lower bottoms on consistent basis, suggesting a medium term down trend is in place. Until and unless the nifty breaks the level of 5080-5100, upside will be limited and the volatility is likely to continue on intraday basis. On the lower side the support is at 4950-4920. A break below 4950 levels can take the nifty to previous lows of 4850 which incidentally is a good trend line support. So the broad range of nifty seems to be 4950 -5100, with a negative bias. A close or two above 5080 can change the trend likely. Todays high volume suggests further upside to 5080 levels which can be used to exit from long positions.
Dhaval Shah – Anish Salat
Investment Academy | Baroda