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Buy Educomp at market price with stop loss of 171 for price target of 180 & 195
Performance Update of 09-10-2012
Fresh Recommendations for 10-10-2012
I will issue calls through Yahoo Messenger and twitter.
Nifty was broadly in consolidation yesterday. Nifty could not sustain at high point of the day and could not stick to bottom of the day. I will stay away from participating even tomorrow, if Nifty continues to play in a range.
On upside, unless Nifty trades firmly above 5750, I will avoid to build long positions. On downside, there is still a possibility to test support range of 5620-5640.
Rupee has continued to weaken, as expected . I will maintain yesterday’s view on Rupee
“ After long streak of appreciation, it cooled off a bit. Rupee closed at 52.40. There are 2 possibilities here. Rupee can test the bottom again before further consolidation OR it can continue to retrace the fall. On upside, 53.50 should offer good amount of resistance. Rupee can hit 53.95 under extreme circumstances. But, we should not forget that Rupee is gaining strength hence only short positions should be participated. “
Gold had recovered completely yesterday. But, today as I am writing Gold is trading below yesterday’s low. As I expected, Gold will test the support range of $1759 to $1772. But, if Gold trades firmly below the range and closes below the range, I think shorting opportunity would arise.
But, in Indian price as I expected due to rupee’s slide, we have price cushion. Gold in rupee is not falling in line with international price. I think, Gold is leading to significant turnaround. I will watch it very closely and will update as it decides the direction.
As I wrote on 4th Oct, I have created long position in Gold with stop loss of 30735. Gold may revisit the level of 30735 in next few days. In dollar terms, Gold’s Daily and Weekly patterns are still in favour of uptrend.
As said sometimes that Silver is higher beta version of Gold. i.e. Silver exhibits higher volatility than Gold both the sides. Silver has breached some important supports in international market. Silver is trading below important support of $34.70 at $33.95. If range of $33.20 to $33.50 fails to offer support to Silver, it will fall drastically. It seems, Silver should find support in the said range.
I will remain sideways. Will update as opportunity arises.
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