Gold Weekly Technical Outlook
Gold's correction from 1388.1 extended further last week and the break of 1325.6 support confirmed that a short term top is at least formed. Initial bias will remain on the downside this week and further fall should be seen to 38.2% retracement of 1155.6 to 1388.1 at 1299.3 and below. On the upside, above 1349.6 minor resistance will flip bias back to the upside for a test on 1388.1 first.
In the bigger picture, rise from 1155.6 is treated as the fifth wave of the five wave sequence from 1044.5, which should also be fifth wave of the rally from 681 (2008 low). While a short term top is in place at 1388.1, there is no confirmation of reversal yet. Recent up trend could still extend further to 161.8% projection of 931.3 to 1227.5 from 1044.5 at 1449.6 before completion. Though, we're aware of long term projection target of 100% projection of 253 to 1033.9 from 681 at 1462 and we'd anticipate strong resistance from there to bring medium term correction finally. On the downside, however, break of 1266.5 resistance turned support will be an early alert of medium term reversal and will turn focus back to 1155.6 support for confirmation.
Gold's correction from 1388.1 extended further last week and the break of 1325.6 support confirmed that a short term top is at least formed. Initial bias will remain on the downside this week and further fall should be seen to 38.2% retracement of 1155.6 to 1388.1 at 1299.3 and below. On the upside, above 1349.6 minor resistance will flip bias back to the upside for a test on 1388.1 first.
In the bigger picture, rise from 1155.6 is treated as the fifth wave of the five wave sequence from 1044.5, which should also be fifth wave of the rally from 681 (2008 low). While a short term top is in place at 1388.1, there is no confirmation of reversal yet. Recent up trend could still extend further to 161.8% projection of 931.3 to 1227.5 from 1044.5 at 1449.6 before completion. Though, we're aware of long term projection target of 100% projection of 253 to 1033.9 from 681 at 1462 and we'd anticipate strong resistance from there to bring medium term correction finally. On the downside, however, break of 1266.5 resistance turned support will be an early alert of medium term reversal and will turn focus back to 1155.6 support for confirmation.
In the long term picture, rise from 681 is treated as resumption of the long term up trend from 1999 low of 253. The anticipated correction didn't happen and gold will now likely climb further to 100% projection of 253 to 1033.9 from 681 at 1462 before making a top.
Strong performance in the recent past and positive growth outlook have
led to universal upgrades in earnings estimates.
indusInd Bank posted a strong set of numbers for the September
quarter, showing consistent improvement in operational parameters both
sequentially as well as on a year-on-year (y-o-y) basis, where it
benefits from a low base.
Net interest income increased 60 per cent y-o-y and 12 per cent
sequentially, aided by 33 per cent y-o-y growth in advances, while
deposits increased 37 per cent. Low cost current and savings accounts
(Casa) improved to 25.4 per cent of total deposits from 24.3 per cent
in the June quarter.
Net interest margins rose 55 basis points y-o-y (nine basis points
sequentially) to 3.41 per cent. Market conditions were tough during
the last quarter due to tight liquidity. The bank also saw yields on
advances dipping marginally, while cost of deposits was flat
sequentially. Net profit increased almost 80 per cent y-o-y and 12 per
cent sequentially, helped by falling non-performing loans and 25-per
cent rise in the core fee income.
After its recent qualified institutional placement, the bank has
adequate capital to expand aggressively. It has permission to open 127
branches this year, with 28 launched already. A strong performance in
the recent past and positive growth outlook have led to near universal
upgrades in its earnings estimates. The stock has risen almost 16 per
cent over the last month, outperforming the BSE Bankex by six
percentage points. At Rs 270, the stock is valued at 3.5 times
estimated 2010-11 book value and three times 2011-12 estimates, which
is expensive.
led to universal upgrades in earnings estimates.
indusInd Bank posted a strong set of numbers for the September
quarter, showing consistent improvement in operational parameters both
sequentially as well as on a year-on-year (y-o-y) basis, where it
benefits from a low base.
Net interest income increased 60 per cent y-o-y and 12 per cent
sequentially, aided by 33 per cent y-o-y growth in advances, while
deposits increased 37 per cent. Low cost current and savings accounts
(Casa) improved to 25.4 per cent of total deposits from 24.3 per cent
in the June quarter.
Net interest margins rose 55 basis points y-o-y (nine basis points
sequentially) to 3.41 per cent. Market conditions were tough during
the last quarter due to tight liquidity. The bank also saw yields on
advances dipping marginally, while cost of deposits was flat
sequentially. Net profit increased almost 80 per cent y-o-y and 12 per
cent sequentially, helped by falling non-performing loans and 25-per
cent rise in the core fee income.
After its recent qualified institutional placement, the bank has
adequate capital to expand aggressively. It has permission to open 127
branches this year, with 28 launched already. A strong performance in
the recent past and positive growth outlook have led to near universal
upgrades in its earnings estimates. The stock has risen almost 16 per
cent over the last month, outperforming the BSE Bankex by six
percentage points. At Rs 270, the stock is valued at 3.5 times
estimated 2010-11 book value and three times 2011-12 estimates, which
is expensive.
ABGSHIP rokkkzzz to a gain of RS. 23,0000/-
guys pls post your opinion
guys pls post your opinion
