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Performance Update of 19-10-2012
Calls given through Yahoo Messenger and Twitter
Jindal steel stopped out.
Fresh Recommendations for 22-10-2012
I will issue calls through Yahoo Messenger and twitter.
NIFTY MAY VISIT 5620 BEFORE UPSIDE BREAKOUT.
The way is Nifty moving in the range of 5640-5720, it seems that Nifty will pierce down to 5620 level to weed out weak holders of long positions. Hence, as I have said earlier that hold on long positions with closing basis stop loss level of 5620 and create fresh positions only above 5730 level. But, I believe trend still remains up.
Globally, markets have slipped to low levels on Friday but still remains positive technically.
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 hit the targets, I had expected. Rupee reached to close to 54, even traded above 54 for brief period but faced resistance and closed at 53.83. I have created short positions around closing levels. But, Rupee will keep oscillating between 52.70 to 53.90 for next 1-2 weeks. Hence, accumulate short positions when Rupee trades above 53.90. Rupee may give a quick spike up to 54.28 any day in next week. Use that opportunity to create short positions at higher levels.
I believe, this is very sure trade that Rupee will hit back the low of 51. 30-51.40 reached on 5th oct again. Hence, create short positions and hold with patience. One will get many opportunity to create short positions in next 1-2 week, hence do not jump on to create positions at one level.
Speculative short positions showing windfall gains as Gold continued to slip to lower levels as expected but at the same time found support around 30700 as expected in Indian price.
As said on 18th Oct, I recommended to add more short positions with closing basis stop loss of $1769. With closing at $1721, Gold achieved first target of $ 1720, I will exit 50% short positions at this level.
Possibility of slipping to lower levels of $ 1690 to $ 1660 still remains.
Rupee’s slide has extended cushion to Gold. I believe Gold will broadly remain in the range of 30700 to 31300 for some days till the Rupee tops out.
As I have said many a times that Silver is higher beta version of Gold and that’s why shows higher volatility on both the sides compared to Gold.
Silver breached support of $ 32.15 as expected, next support levels are $ 31.15 -$ 31.45.
I will remain sideways. Will update as opportunity arises.
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