Daily Wealth – Fresh buying in Gold only above $ 1775

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Dear Investor

You are receiving Free Daily Update service called Daily Wealth. It will include technical updates on SPOT NIFTY, Stocks from NIFTY 50, USD/INR, GOLD, SILVER and CRUDE.

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Sesa Goa shows very good pattern. Buy Sesa Goa at current level for target price of 182-190.

NIFTY

Nifty could manage to close above 5640. Let us see the strength, Nifty shows in coming days. Yes, trend is up and Nifty should show significant strength. If Nifty sustains above 5640, Nifty can test 5730 again. All would depend on the strength with which Nifty takes out 5730. If Nifty slips, should find support around 5575-5590 band.

Yesterday’s Update:

Nifty has taken support at lower range as expected. But, crucial thing to watch is, does Nifty continue upside momentum and trades firmly above 5640? If Nifty fails to sustain on upside, strong support lies at 5520.

Global markets are ok and RBI’s stance is positive, overall. RBI has been pushing up liquidity, and Q3 results of companies are, too, not bad. Hence, broad trend should remain up.

Tomorrow, Nifty may come back to find support around 5590 again.

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.

USDINR

Rupee continued to appreciate today. Rupee is showing signs of reversal. Yes, there is still a possibility that Rupee may hit the 54.20 or 54.30 once again. Use that opportunity to short the Rupee.

UPDATE ISSUED ON 29TH NOV:

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

Gold has continued to retrace the fall. Gold should try to take out 1740 resistance. Those, who are sideways or seeking fresh long positions, do not create fresh long positions until Gold closes above $ 1775.

In Indian rupee, Gold looks ready to climb up to the level of 31300 to 31500 area.

Update issued yesterday:

Gold has continued to consolidate around 1707-1713. As Dollar is weakening further, Gold can rebound to the level of 1740.

I am sideways right now.

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

Silver has been consolidating in the range of 31.70 to 32.20 since last 7 days. Chances of retracing some of the fall more likely then otherwise.

CRUDE

I will remain sideways. Will update as opportunity arises.

Note:

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Regards

Dhaval Shah

Blog: https://investmentacademy.wordpress.com/

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.

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