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Performance Update of 29-08-2012
ICICI Bank gave movement on both the sides.
Coal India did show strength as expected but remained below support level in first 2 hours of the trade.
Fresh Recommendations for 30-08-2012
I will issue updates via twitter and Yahoo messenger as pattern emerges.
Nifty showed remarkable weakness. As said, it should test 5270 today. If fails than support lies at 5240. In this uptrend, which has started from June, 2012, Nifty made top of 5340 on 10th July and then after close to 60% correction of rally, it started rising again. Before this recent fall, it made a top of 5421 on 21st August, 2012. This 2nd top was mere 80 points above the 1st top, It is not a good sign. If Nifty chooses to retrace 60% as it had done in 1st round, it can correct up to 5180-5200. We have very important GDP data tomorrow. Let us see, how market shapes up. Market has broken important levels yesterday. If market revives today and closes above 5210, it will indicate market’s strength.
It is trading in small range of 55-56. Wait , till is decides to swing either side.
As expected, Gold is in consolidation. Gold may correct bit more. Support lies around 30750 and 30580. Dollar index showing signs of strength. If dollar firms up further towards month end, Gold may deepen correction or may remain sideways.
Yesterday’s closing pattern indicates strength. Gold may open up and gain strength. Closing would be watched closely.
Silver is more resilient than Gold, refusing to correct in line with gold. For Silver, Support lies at 57000 and 56400. If in intraday, Silver trades and sustains above 57800, it will indicate strength.
Crude Sep contract has tested 5290 for 3 times. It seems, this time support will give way and Crude will slip to 5230. Build short position, when Crude trades below 5290. If Crude sustain above 5350, do not short.
Please understand, Intraday movement of Indices and Stocks change frequently and with that technical updates, too. I will post intraday updates through Twitter(dhaval shah@tradingwealth) and Yahoo Messenger. Hence, willing traders and readers can send request to Yahoo ID- dcshah76 to add their Ids on Yahoo messenger or may follow me on twitter .
Disclaimer: Daily Wealth is a free daily investment newsletter published by Investment Academy. This publication does not provide individual, customized investment or trading advice. All information is based upon data whose accuracy is deemed reliable, but not guaranteed. Performance returns cited are derived from our best estimates, but hypothetical as we do not track actual prices of customer purchases and sales. Author might have open positions in the stocks and Indices recommended above.