Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are negative as US President in an interview to FOX News said that China broke the deal but is coming and hoping that the deal will be done.The oil prices are at $69.82/bbl(-0.50%) as US President comments came but US Inventories show surprise draw of 3.36 mn bbl against expectation of build up and USDINR at 69.78(0.05%) as crude remains near $70/bbl and FII selling puts pressure.
We expect markets to be Neutral to Negative as FIIs selling continues and global sell off extents with uncertain outcome of Indian Elections.
Important Day Close Level is 11168/11570
Stock of the Day :
Motherson Sumi Systems Ltd. - Stop Loss 133/134 & Target 127/123
As US President has again mentioned that China broke the deal and is coming in hope of closing deal which has to be of the amount USA wants otherwise they will have to Pay extra from Friday onwards. In this Automotive Industry especially passenger cars is facing recession period globally and this would impact global suppliers. Though we are Positive on company for long term but due to the news impact we have negative sentiment for today.
We would be negative for intraday trade.
POSITIONAL NIFTY LEVEL :
ALERT : PREVIOUSLY NIFTY CLOSED NEAR ALL IMPORTANT LEVELS INDICATING THERE WAS NO CLEAR SIGN OR BREAKING THE RANGE . WE SEE SOME UPSIDE WITH GLOBAL MARKETS AND WE HAVE BOOKED SOME MORE PROFITS AND INCREASED CASH POSITION TO 40% FROM 30%.
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.