Monthly Archives: January 2013

#1 Gold Update: Short YELLOW metal with tgt of 28400-28600

Before few months i did tweeted with graph tht i may sound foolish but i am expecting levels of below 30000 to 25000 on gold and see ystdy we got a confirmation for tht levels on the chart. In simple technical language we have seen a double top confirmation on GOLD and now we may see minimum of 28400-28600 in next month or 2. Tracking fundamentally we have 2 main reasons to support chart. Firstly, import duty has been hiked which will slow down unnecessary import of the yellow metal and traders who would have booked future imports would sell on. Secondly, equity and agri commodity markets are giving well-off returns compared to precious metal so it wld see speculators leaving bullion market for time being. In all it would be a good buying opportunity who are yet bachelor lol hahahah!!! so traders go short with sl of 30500 while long term investors buy on each dip till 28400-28600

#141 Nifty Update: NIFTY tgt range 5947-6045 achvd!!!

Last i updated my blog for NIFTY was on 22cd October with above graph when Nifty’s close was around 5717. I had mentioned in tht graph that we may see new tgt in nxt rally with a pause around 5947-6045 and guess what todays high on nifty is at 6043 😀 :). And adding a cherry on the cake is the “bearish engulfing” pattern today, indicating some correction to the index which was what i expected.. But fingers crossed!! Confirmation is yet to come tomorrow. Looking at some charts of the A group a small correction is expected on all of them but the mid-cap index strong. To add support to mid-cap, steel sector was flooded with some good news of increase in import duty of steel from china which wld divert buyers to indian companies and could profit from them. Secondary steel companies have raised the price. So now next rally could be lead by steel and mining sector. Talking about nifty, i suggest you to be short with tgts of 5944/5830/5630 and stop loss of 6050 (Cash levels)