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Performance Update of 10-10-2012
HindOilExplo has closed Re. 1 below stop loss of 114. But, I still recommend to hold.
Educomp stopped out.
Fresh Recommendations for 11-10-2012
I will issue calls through Yahoo Messenger and twitter.
Nifty is very near to support zone. Nifty may find support in the range of 5620-5640, if slips further. Many stocks are near to support levels and become buy. I recommended few of them today. SesaGoa is at monthly support level and very safe to buy as stop loss is near at 168 on closing basis.
On upside, unless Nifty trades firmly above 5700, I will avoid to build long positions.
Rupee is weakening as expected. Rupee hit the high of 53.27 today. Those having long positions, should look to book profit above 53.50. I expect Rupee to respect resistance zone 53.50-53.95. I will add short positions once Rupee trades above 53.50.
Gold has support around $1759 level. Today, Gold has weakened further. But, as after 15-17 days rise, US Dollar Index is getting ready to fall again, Gold should find support near current levels. Risk: If US Dollar Index trades above 80.25 then Gold will slip below support levels.
In Indian price, Gold has been rising in spite of fall in international price because of Rupee weakening. But, Rupee is reaching to resistance zone and in 2-3 days will reverse the course.
As I wrote on 4th Oct, I have created long position in Gold with stop loss of 30735. In dollar terms, Gold’s Daily and Weekly patterns are still in favour of uptrend.
As said for Gold, if Dollar index corrects, Silver too will rise.
I had said yesterday:
“ 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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