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Performance Update of 26-10-2012
Calls given through Yahoo Messenger and Twitter
Fresh Recommendations for 29-10-2012
I will issue calls through Yahoo Messenger and twitter.
Last 3 weeks close has been within 20 points range. That indicates 2 things, either market is indecisive yet or market is consolidating before resuming up trend again.
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.
As chart above suggests, Nifty is in middle of the range. Though, it is in up trend, it can remain down for extended period if fails to close above 5730 and continues to trade below 5640.
Hence, I am watching very carefully and will avoid to create fresh positions on either side without confirmation.
For all long positions, I will use stop loss of 5620 on closing basis.
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 this 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.
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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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.