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Performance Update of 17-10-2012
Calls given through Yahoo Messenger and Twitter
Jindal steel is stopped out but I will recommend to hold on it for one more day with stop loss of 409.50 on closing basis.
I will recommend to hold on SesaGoa for one more day with decreased stop loss of 168 on closing basis.
Fresh Recommendations for 18-10-2012
I will issue calls through Yahoo Messenger and twitter.
Nifty has found support around 5640 even today. Hence, I will continue to hold long positions with closing basis stop loss of 5640. But, at the same time, it is surprising, that Nifty could not climb up higher levels today, when Global markets were supportive. Therefore, it is advisable to stick to stop loss level.
Overall trend remains up until Nifty closes below 5620 level.
Fundamentally Sound and Technically positive stocks: Sintex, Crompton greaves, Educomp, Force Motors, NMDC, TCI ( Transport Corporation of India ), Tecpro systems. I will keep revisiting this list.
Rupee’s movement has remained in narrow range and that does not change outlook. I continue with the update published yesterday.
Update of 17-10-2012
Rupee has been facing resistance around 53.15. I believe Rupee will give short spikes and/or may be closing above 53.50 to weed out weak holders of short positions before Rupee starts falling( appreciating ) again. Rupee will consolidate in the range of 52.50 to 53.50 for some days. I will initiate short positions above 53.50.
Gold remains in downtrend. It can scale up bit more up to $ 1760 and traders can create short positions around that level with stop loss of $ 1769. I continue to hold the view on Gold, issued yesterday.
In Indian price, Gold climbed up today as I had expected. But, it looks like that Gold is facing significant resistance at current levels of 30900. With this weakness, it would be difficult for Gold to cross even 31000 barrier and would return from 30980-30990.
Update of 17-10-2012
Gold is in consolidation retracing some of the fall. But, trend still remains down unless it closes above the range of $ 1759-1769. Possibility of further slippage still remains. It can test $ 1720 and may in extreme case $ 1660. Gold has opened gap down yesterday and hence downtrend should continue for some time after brief consolidation here.
Speculative short position is in handsome profit.
In Indian price, Gold found support around 30700 level as expected yesterday. In next two days, Gold can rise to 31000 – 31100 in Indian Re Price but trend still remains down.
Silver remains in downtrend. Support lies at $ 32.15 and further can find support in the range of $ 31.15 – $ 31.45..
I will remain sideways. Will update as opportunity arises.
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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.