Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are negative as USA data improvement is pointing to a slower rate cuts by FED.The oil prices are at $63.80/bbl(-0.39%) OPEC production still came in lower but Saudi output has increased slightly. USDINR at 68.57(0.03%) as budget increases tax burden on certain category of FPI there is selling pressure and crude price we did not react on yesterday.
We expect markets to be Neutral to Negative as buybacks gets taxed and certain category of FPI come under tax bracket.
Important Close Level is 11445/640
Stock of the Day :
Titan Company Ltd. - SELL - Stop Loss 1275/1290 & Target 1223/1206/1193
(IMP : Do not trade if opens at Stop loss/Target levels)
Company had guided for 20% growth in FY20 which is at risk after first quarter revenue growth in gold segment is at 13%. There is consumer slowdown and high gold prices reduces the purchase and increase the gold sold by consumers.
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.