Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia Indices are negative PMI of most countries confirm contraction in manufacturing sector on bigger scale.The oil prices are at $60.97/bbl(-0.51%) OPEC+ output cut was over complied by all countries for first time since announcement. USDINR at 69.10(0.03%) lower crude and FII turned positive will benefit the currency strengthen.
We expect markets to be Neutral to Positive as FIIs continue buying in heavy volumes and crude is at lower levels.
Important Close Level is 11575/12185
Stock of the Day :
Balrampur Chini Ltd. - BUY - Stop Loss 153/150 & Target 157/160/162
(IMP : Do not trade if opens at Stop loss/Target levels)
Government has extended the tenure for subsidy loans for sugar sector and this would provide further boost for the company in midst of capacity expansion of ethanol unit.
We would be positive 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 UPSIDE WITH FIIs BUYING AROUND 55,000-60,000cr DURING SIX MONTHS POST ELECTION WHICH WOULD BRING BIG UPSIDE IN MIDCAPS TOO. REDUCE CASH ALLOCATION TO 25%.
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.