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Performance Update of 23-10-2012
Calls given through Yahoo Messenger and Twitter
Sesa Goa stopped out.
Fresh Recommendations for 25-10-2012
I will issue calls through Yahoo Messenger and twitter.
NIFTY : LONG, IF NIFTY CLOSES ABOVE 5730
Nifty continues to trade in the broad range of 5640-5720. 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 is trading in the range of 52.70 to 53.90 as expected. As Dollar has strengthened today and global markets are slipping, Rupee can revisit the 54 level and may stretch up to 54.30. But, trend in Rupee still remains down(i.e. Rupee will appreciate), hence use higher levels to accumulate short positions.
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.
Gold is trading in the range of $ 1705-1714. If Gold finds support in this range then Gold may give a spike up for 1-2 days as Gold is oversold. But, that would not be sufficient to change the trend.
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.
Silver has found support around $ 31.45 as said earlier. Silver is trading in the tail range of yesterday’s movement. If Silver finds support in the range of $31.45-31.85, Silver may retrace some of fall as Silver is oversold. Possibility of falling to level $ 31.15 still remains and Silver remains in downtrend.
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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