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Performance Update of 30-08-2012
Intraday Calls given through Twitter and Yahoo Messenger
Fresh Recommendations for 31-08-2012
I will issue updates via twitter and Yahoo messenger as pattern emerges.
Nifty closed above 5210, which indicates strength.
Nifty showed remarkable strength in last 1 hr of trade. Was that due to expiry settlement or true strength? As such, just 1 hr movement does not hold significance if not sustained in following hours. Therefore, I will watch tomorrow’s moves very closely. Foreign markets have slid more than 1%. It will be a good test of strength of our market.
I would advise not to judge market on the basis of last half an hour upside or from tomorrow’s first 1 hr move. I would broadly remain sideways.
Update published on 30th Aug, 2012.
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.
Gold has taken support around 30750 today. Gold bounced back 2 times from that level. But, as expected Dollar Index has firmed up and therefore Gold has continued to correct. I will remain sideways holding my long positions.
Silver has extended correction as expected. Silver is now in support zone. I will wait for Silver to bottom out.
As expected, Crude failed to find support below 5290. I will remain short with stop loss of 5305 for target price of 5225-5230. I had recommended to short crude, once it trades below 5290.
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 .
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