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Fresh Recommendations for 01-10-2012
I will issue calls through Yahoo Messenger and twitter.
Nifty played around the level of 5703 for almost half of the day and closed dot on that. Yes, it has closed at 5703.30. As such, Nifty has closed above 5703 and hence I should reverse the strategy but I would wait for today. I will monitor morning trade and then will decide. Nifty is in strong uptrend and hence I will be ready to load up fresh positions.
My speculative short position paying me now. Intraday, it dipped to 52.48. I expect, Rupee to remain in the band of 52-53 for some days.
Rupee’s rise looks very fundamental this time. Since 14th Sep, US Dollar Index has been retracing the fall. And, in Similar period Rupee has continued appreciation!! Normally, rising Dollar Index should depreciate rupee but the measures announced this time has sent strong message abroad.
Gold did close above $1772 but second day it slipped below it confirming that it was false breakout. Hence, I would not add fresh long positions at this time. But, depending on today’s move, I may decide to liquidate some of my long positions. If Gold turns down, it can test $1738 and $1720 level.
In Indian price, Gold can fall below 31000 to find support around 30800.
Silver will follow Gold. In fact, Silver failed to give close above $34.7 for fresh uptrend. Hence, wait to add new positions.
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.