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Book profit in IVRCLINFRA if hit the target during the day. Else, hold position with the closing basis stop loss of 43.10.
Performance Update of 18-09-2012
Intraday Calls given through Twitter and Yahoo Messenger
Fresh Recommendations for 20-09-2012
I will issue updates via twitter and Yahoo messenger as patterns emerge.
Nifty remained sideways. I will continue to hold long position with closing basis stop loss of 5560. I will wait till Nifty trades firmly either below 5585 or above 5630 to build new positions.
UPDATE of 17-09-2012
Nifty has given good breakout, I expect it to continue upside. 5600-5650 looks at arms distance now. Actually, this breakout has open upside possibilities of 5860 and 6163. Hence, if you are long, hold on position and if not, you can create a fresh long position on Monday with said targets. Nifty is in overbought zone hence it may consolidate for a day or two. But, it would not disrupt upside momentum.
Rupee has been closing around 54 since last 3 days. But, trend still remains down . I expect it to strengthen further. 53 looks very much achievable, provided Govt does not reverse the recent decisions.
Central Bank of Japan declared further stimulus on the lines of US. That spurred small upside in Gold. But, largely unless Gold firmly closes above 1771, a small dip with consolidation remains high probability. I will continue to hold long positions.
UPDATE issued on 17-09-2012
Gold has scaled newer highs in past few days in Indian rupee. Gold now looks overbought and indicates consolidation of few days around this levels.
Now, it may happen that for some days, Gold will not translate international prices as it had been doing for past many months. Yesterday, Gold and Silver corrected just because rupee appreciation. And, as I said Rupee will continue to appreciate for some days, Gold may not show upside even if in international market it rises. But, I am not asking to sell the long positions. Hold on long positions. We may get chance to add more as it consolidates.
Gold should find support around 31300.
Silver also jumped on the back of Japan stimulus news. But, Silver looks over bought and needs breather. Unless Silver closes firmly above 34.70, a small dip with consolidation remains high probability.
UPDATE issued on 17-09-2012
As expected, Silver has outperformed Gold. I expect, this outperformance to continue. Hold on long positions. Silver will consolidate around this level. Silver should find support between 63000-62000.
I will remain sideways. Will update as opportunity arises.
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.