Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia are positive and US closed in positive as China is announced first purchase of soya bean after trade war and revisiting Made in China 2025 plan. The oil prices are at $60.52/bbl(0.62%) EIA inventory draw down came at 1.2Mn compared to estimate of -3.5Mn and USDINR at 71.17(-0.22%) new RBI governor have made it clear in press conference that he will consult all stakeholders before taking decision on any challenge.
We expect markets to be Neutral to Positive as RBI governor moment will carry as today he meets PSB CEOs and tomorrow is RBI Board meet.
Important Day Close Level is 10595/10782
Stock of the Day :
ABB India Ltd. - Stop Loss 1443/1463 & Target - 1405/1390/1350
Global parent ABB is in talks with Hitachi to sell its Power Grid business for $7Bn. This is negative ABB India since it has done business worth Rs. 3062cr and PBIT Rs340cr till Q3 Fiscal 2018 . That is 39% of total revenue and 43% of PBIT and this segment has shown a growth of 50% in revenue terms YoY.
We would be negative for intraday trade.
POSITIONAL NIFTY LEVEL :
ALERT : PREVIOUSLY NIFTY CLOSED ABOVE ALL LEVELS AND IT IS SHOWING MOMENTUM BUT WE WILL BE CAUTIOUS AS THE RALLY IS BEEN LIFTED BY HOPE THAN ANYTHING ELSE. WE WILL BE STAYING INVESTED AND MIGHT PULL OUT SOME LAST INVESTED AMOUNT AT 10950/11000 UNLESS WE SEE DRASTIC CHANGE IN POLICY.
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.