Since, I was busy with other activities of the business, I could not update for last few days.
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I published an article on 31st Oct, 2012, wherein I categorically said that Nifty will hit upper channel. That is 6100. Link: http://www.valuenotes.com/Market-Outlook/Nifty-Has-two-options-6100-or-5100/179174/3/T
Nifty is in channel as shown in news letter published on 31st Oct, since Dec, 2011 and has been following it very accurately.
I am very confident that Nifty should reach close to 6200. Will it make new high? That depends on Nifty’s strength around 6100 and again around 6200.
Those who have been following my letters know that I continued to reiterate time and again that downside is just to weed out weak investors, rest assured Trend is up.
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.
Sesa Goa shows very good pattern. Buy Sesa Goa at current level for target price of 182-190.
Rupee is oscillating on both the sides of X-axis of chart. But, as I had continued to say, Rupee is all ready to fall down( to appreciate). Rupee may spend some time here around 55 and may even touch 56 once, but
Rupee will fall a cliff to 48-49 level in next few weeks and months.
Gold’s move of last 2 weeks is very surprising !! Dollar has been falling and Gold, too, is falling !!
The difference is Dollar is in structural downtrend and Gold is in structural uptrend. Hence, the temporary fall of Gold in tandem with Dollar may be to weed out weak holders or Gold may be sensing the fiscal cliff resolution not in place and that may trigger automatic tax hikes and spending cuts in US.
But, as most agree that US will find some kind of solution of fiscal cliff and will be able to successfully kick the can down the road. But, I believe stakes are very high and fiscal cliff outcome should not be taken lightly. I will update on fiscal cliff very shortly as it has potential to reverse whatever I said above if resolution not found by 31st Dec, 2012.
Silver will continue to follow Gold.
I will remain sideways. Will update as opportunity arises.
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