Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia are positive and US closed with short covering due President Trump mentioning via tweet that progress of talks is optimistic and FED will relax the stance. The oil prices are at $59.68/bbl(-0.63%) OPEC were not able to provide the final figure and things were told in a way which hinted at lower than estimated cut. USDINR at 70.59(0.06%) stable cause of lower crude and state election closing today.
We expect today to be Neutral to Negative, With gap up open there will be short covering but due high risk trade on Monday with Friday evening having Exit Poll & OPEC+ closing there might be profit booking at close.
Important Day Close Level is 10685/10858
Stock of the Day :
HCL Technologies Ltd. - Stop Loss 1002/985 & Target - 1038/1070
HCL Tech. announced that it has signed deal with IBM software to acquire bucket of application software with worth of $1.8Bn. This is will be paid 50% in advance and rest on closing which is expected year end 2019. This is the biggest acquisition done by Indian IT till date and this will give HCL access of 5000 clients.
We would be positive for intraday trade.
POSITIONAL NIFTY LEVEL :
ALERT : PREVIOUSLY NIFTY CLOSED BELOW 30 MIN , 2 MIN , 1 DAY & 1 WEEK . AS IT BREACHES 1 WEEK ON CLOSE THEN WE CAN GO 10,500 AND AGAIN TURN NEGATIVE. WE WILL KEEP OUR CASH POSITIONS STABLE NOW AFTER LOWERING BY 10-15%.
Note : These are derived from an Internal Indicator and any movement or close below/above Support/Resistance of one time period moves the Support/Resistance to next time period.
Example : if current market levels is below or above 2 min levels then immediate levels to keep watch are 30 Min levels.