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Buy SCI at market price of 60.25 with stop loss of 59.7 for target price of 62.5
dcshah76: Opto Circuit achieved target of 133, but one can hold it for higher target of 139
dcshah76: Buy HindOIl Exploration with price target of 135 with stop loss of 118
Performance Update of 04-10-2012
Fresh Recommendations for 05-10-2012
I will issue calls through Yahoo Messenger and twitter.
Nifty has been going technically up, closing on above crucial levels and then achieving higher targets. Meanwhile, stock specific and sector specific rallies have continued. Banking stocks look unbeatable. One after another reform measure declared by Govt is pushing both Market and Rupee on upside.
As expected, Nifty continued upside momentum. It breached 5800 for few seconds but finally closed below 5800 at 5787. Now, 5730 level becomes very important support. 5866 target of Nifty, which was given when Nifty breached 5300 resistance looks at arms distance, now.
If Nifty closes below 5730, I will close out all long positions and remain sideways.
Aha!!! What a spectacular rise of Rupee!!!
Rupee went down to the level of 51.60 intraday and closed tad above it at 51.73. I have been reiterating since last 2 days that Finance Minister Chidambaram is of firm opinion that economy will improve and FDI-FII inflows will spur only if Rupee stabilises below 50. Yes, Dollar’s declines has also been helping in great deal to achieve this target.
I expect Rupee to touch 50.90-51, find strong support there and then will move in the range of 51-53 for some days.
Gold achieved target of 30800 in Indian price.
But, as I am penning this article, Gold is trading above all short term resistance levels at $1792. In Indian price, it is making new lows. I believe, Gold should find support around 30600-30750 levels.
If in International markets, Gold closes above $1792 level, where it has been trading for quite some time, I will add long position in Gold tomorrow.
Even if Rupee strengthens, I will add long position because Rupee looks over sold and some respite is necessary which should extend needed support to Gold.
There is a fear that Govt may impose import duties or any other kind of levies to make Gold unattractive. Gold has been one of the biggest contributor of Current account deficit after Crude, hence Govt will try to keep it in check to ensure that Current account deficit improves and that gives much needed stability to currency.
Silver achieved target of 62000 on lower side. In international Markets, Silver is following Gold and is trading above resistance level of $34.70 at $35.05. I will add Silver position tomorrow if Silver closes above $35 tonight in International markets.
Silver, too, is unclear about future moves. Hence, I will remain sideways and will let metal decide. Silver failed to close significantly above $34.70 for multiple times. That makes me sceptical of intentions of Silver.
I will remain sideways. Will update as opportunity arises.
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