Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia Indices as FED gave positive statement that it is open to supporting the slowing economy with rate cuts.The oil prices are at $67.07/bbl(0.79%) as USA inventories come lower than anticipated this fourth week of draw in inventories and Iran tried to capture British tanker. USDINR at 68.42(0.00%) as the currency remain despite the crude price jump which puts doubt on this sustainable move.
We expect markets to be Neutral to Positive as US FED plans to support the economy with rate cuts.
Important Close Level is 11445/640
Stock of the Day :
Indian Oil Company Ltd. - SELL - Stop Loss 150/153 & Target 144/142/137
(IMP : Do not trade if opens at Stop loss/Target levels)
Crude prices are up as USA inventories came at 9mn bbl draw compared to estimate of 3mn bbl draw. In addition Iran tried to capture British tanker the attempt failed but this has increased the geopolitical and escalation risk. OMCs will be impacted in todays trade.
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.