Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia Indices are positive to neutral as FED opened the door to rate cut this year and FOMC is scheduled on June 18-19.The oil prices are at $60.75/bbl(0.25%) US inventories came highest at 6.77mn compared to estimated of draw of 2 mn bbl this biggest build up in past couple of years. USDINR at 69.39(0.03%) lower crude and FII turned positive will benefit the currency strengthen.
We expect markets to be Neutral to Positive as crude levels reduce there is RBI MPC meet at 1145am which would create volatility.
Important Close Level is 11840/12090
Stock of the Day :
DHFL Ltd. - SELL - Stop Loss 114.8/116 & Target 106/103/98
(IMP : Do not trade if opens at Stop loss/Target levels)
Company has delayed payment on bond worth Rs.960cr which has led to downgrade of its commercial paper to junk rating and result led to write down by MF in NAV value by 75% or 100% of the holdings. The company has seven days of grace period and would receive the payment from Aadhar housing sale but future liability payments looks even more impossible to meet .
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 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.