Caplin Point Labs: Buy at ₹2,658, Stop at ₹2,480

Gold edged up 0.1% to $4,056.69 after U.S. inflation data eased rate-hike fears, though the Gulf hostilities capped gains. China's industrial output rose 5.3% in June, beating the 4.7% Reuters poll estimate, while retail sales returned to 1.0% growth after a 0.6% drop in May.

On the domestic front, HSBC maintained its buy on Adani Ports and raised the target to ₹2,200 from ₹1,950, implying roughly 22% upside. The RBI, in a recent bankers' meet, emphasized fraud detection, FCNR(B) deposits, MSME lending, and gold loan relaxation.

Eight stocks closed at fresh lifetime highs Wednesday, though Caplin Point was not among them. The buy call is a short-to-medium-term trade, not a fundamental conviction. The stop-loss at ₹2,480 is the line in the sand: below that, the setup breaks.