NIFTY Support Levels, Forex & Gold ETF

With Nifty cash breaking 4225 level convincingly its all depend on the next two levels of 4100 & 3970 for the Bull Run to sustain. Those who had remained focused on the forex update would have got the hint when Dollar $ was rising steadily & now it has crossed 41 level. This indicates perhaps FIIs are taking money out of India & might not return in hurry. Holding Long positions without proper stop loss is asking for trouble. Nifty Weekly Chart

Nifty Daily chart

Now with such a mayhem on the Dalal street, the best hedge will be buying Gold. With introduction of Gold ETF, concern of storing physical gold is also been taken care of. Gold can be preferable investment as the money flowing out of equity needs to be parked somewhere & what better than gold.
My views of buying gold is not influenced by the theory of Saturn entering the Leo sign, as I am surely not the best person to know about it. Gold investment advice is being given by some of the great astrologers who are being approached even by the top notch US fund Managers.
My views are totally based on logical reasoning & facts about global economy. Where will the Oil Rich Countries will put their money into when equity is nose diving?

Readers should draw their own conclusion & take appropriate action.


Disclosure: I may have position or maybe trading in above said stocks/ commodity for myself/ family members / friends / Associates.

Please go through Disclaimer on this blog.

Stock ideas for 14th August 2007

As mention in previous post, Nifty took support at 4225 -4235 zone & bounce back. Nifty cash can touch 4500. Keep an eye on Re/$ equation & update your forex knowledge to get an idea where market can heed in coming days.

Watch

1.) Birla corp(277.2) : Can be bought with stop loss of 269 for target of 290
2.) PFC(182) : stop loss of 177 for target of 190
3.) Dr.Reddy(634) looks good fro target of 660+
4.) Suzlon(1302) looks good for target of 1350
5.) SRF(138) can touch 145.

Above is a probability & not prediction.
Readers should draw their own conclusion & take appropriate action.


Disclosure: I may have position or maybe trading in above said stocks for myself/ family members / friends / Associates.

Please go through Disclaimer on this blog.

Nifty - Fibonacci Support Level

Observing Nifty chart on daily & weekly basis, we understand there is a strong support at 4225 -4235 level. Once broken next strong support can be 3970 -3980. So act accordingly & remember sometimes Discretion is better part of Valor

Above is Nifty on daily chart, wathc support at 4226, 4095 & 3965

Above is Nifty on weekly chart, wathc support at 4232, 4100 & 3970

Interesting it may sound, in History of Dow Jones, years ending in "7" have historically reached top and then brusquely started considerable sell-offs which have triggered bear cycle. Importantly mostly this selling began in July - August!!

Take Care. God Bless you All.

Disclosure: As on no short position in Nifty for myself/ family members / friends.

Pleasecheck the Disclaimer on this blog.