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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.
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Open Calls Given Previous Day or Before
Banking stocks gave mixed movement.
Performance Update of 25-09-2012
Intraday Calls given through Twitter and Yahoo Messenger
Fresh Recommendations for 26-09-2012
If Nifty corrects, I will short ACC, DLF, ICICI Bank and Tata Motors.
Again a dull day. Nifty moved in a very narrow range. I continue to expect consolidation. If Nifty corrects, should find support between 5550-5600. I will reverse the strategy only if Nifty closes above 5703 tomorrow.
I will remain sideways, waiting for Nifty to either consolidate or to give close above 5703.
Rupee should roam around 53.30 level. It looks very likely that in short term, Rupee will not slip below 53, will take support and will test 54-54.50. But, momentum is very strong hence I will continue to hold minor speculative positions with closing basis stop loss of 54.50 just to ensure that I am in market if Market turns wild and breaches 53.
In international markets, Gold has been retesting 1772 again as I am writing. I will wait for closing above it.
At crucial levels, Market tests our patience. I am holding long positions, I have built when Gold started taking off from $1600. I have also covered speculative short positions. But, I will wait before I add fresh long positions.
And as I had said earlier, if Dollar declines than rupee will rise and that will take away some of the gains of Gold in Indian price. And, we know, Dollar’s slide is major reason for Gold’s up move. Hence, I believe even if Gold closes above $1772, we are not going to lose much in Indian price.
I had expected Silver to land between 6200-63000. Silver has taken support around 62400. I believe, in international markets, consolidation is still not over. Silver should find support between $33.25 to $33.50.
I will reverse the strategy, if Silver closes above $34.70 as it will indicate that it wants to scale up higher levels before consolidation. Similarly, I will wait in Indian price.
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.