From today, I am starting Free Daily Update service called Daily Wealth for my subscribers and readers. It will include technical updates on SPOT NIFTY, Stocks from NIFTY 50, USD/INR, GOLD, SILVER and CRUDE.
Calls given to Subscribers would not be part of this service.
Please understand, Intraday movement of Indices and Stocks change frequently and with that technical updates, too. I will post intraday updates through Yahoo Messenger. Hence, willing traders and readers can send me request to Yahoo ID- dcshah76 to add their IDs .
Technical Updates for 06-08-2012
On back of huge rallies of European markets and gains of US market, Nifty is expected to climb up.
Nifty would require to close above 5245 to maintain further uptrend tomorrow. With that it will open upside space up to 5345. In recent past, 5165 has acted as good support, hence initiate trade with SL of 5165 on closing basis.
It seems, USD/INR will broadly remain in range of 57-55. Untill it breached either side, I would not trade.
In international market, GOLD is moving in a range of 1630-1570. Gold has been consolidating in this range since May, 2012. To me, it seems that Gold has formed base here and Gold can head for a new rally. But, Dollar index has remain firmed since last few months and may go up further in coming days. Under that scenario, Gold may prefer to remain in this range for longer period or may decline, too. Hence, I would wait for Gold to give me signal before I initiate trade.
In international market, SILVER has remain in very broad range of $35-27 since September, 2011. It looks SILVER can initiate uptrend. But, I would wait for couple of days closings before I initiate trade. Those, having deep pockets and want to buy SILVER, should initiate trade with stop loss of $26.85 on closing basis. I would initiate long trade in SILVERM of September contract, once it trades firmly above 53400 with stop loss of 53220.
Crude is in uptrend. It faces resistance around 93 level.
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