Daily Wealth – 21-09-2012

Standard

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ALSO FIND INTRADAY UPDATES ON TWITTER. DHAVAL SHAH@TRADINGWEALTH ON TWITTER.

Dear Investor

You are receiving Free Daily Update service called Daily Wealth. 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.

Open Calls Given Previous Day or Before

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 20-09-2012

Intraday Calls given through Twitter and Yahoo Messenger

Script Recommend

Ded Price

Stop

Loss

Target

1

Target

2

Exit

Call

Lot

Size

Open Gain/Profit

/Loss

IVRCL Infra 42 39.90 46.50 4000 6600
Total Gains 6600

Fresh Recommendations for 21-09-2012

Banking stocks have run up 20-30% in last 15 days. They look overbought seeking breather. I expect Banking stocks to give up some of the gains during consolidation in next few days.

Bank of Baroda can find support between 726-716. Short with closing basis stop loss of 749.

PNB can find support between 773-750. Short with closing basis stop loss of 803.

NIFTY

Nifty entered into consolidation yesterday. I think, Globally markets are consolidating as Dollar is retracing recent fall. But, it looks quite clear that Dollar has not bottomed out yet and hence all Markets will continue upside after brief consolidation. A type of currency war that has started world across will lead to lower currency valuation. US FED, ECB, Beijing and now Tokyo all are joining the race to stimulate own market and to remain competitive in world market. But, it will end into dire consequences. Precious metals, Commodities and of course Equity markets will go up if unabated printing continues. Worst part is – World has never seen such a massive currency printing on global scale and therefore results, too, are unknown.

Nifty has closed below support level of 5560. On downside, it should largely find support between 5460 – 5520. Since, Nifty is in strong uptrend this time, I would stand ready to add position if technical patterns advise so.

USDINR

Rupee has gone down to 54.30 as Dollar firmed up. It seems Rupee will remain around this level for some time. But, I am of firm opinion that every upside is an opportunity to build short positions with target of 53 on radar. Rupee can extend the tick up to 54.50 during this phase.

GOLD

Unless Gold closes above 1771, consolidation remains high probability. On downside Gold should find support between 1720-1738. I will add speculative short position today to safeguard gains of long positions with closing basis stop loss of 1771.

Gold should find support around 31300.

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.

SILVER

Silver remained choppy. Unless closes above $34.70, a healthy 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.

CRUDE

I will remain sideways. Will update as opportunity arises.

Note:

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 .

Regards

Dhaval Shah

Blog: https://investmentacademy.wordpress.com/

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.

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