Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are negative as Trade talks are hanging in with weak optimism and Iran tensions escalate as easing is ruled out by Iran.The oil prices are at $63.83/bbl(0.27%) even after US Inventories coming with higher draw than estimated but Japan & South Korea tensions have increased. USDINR at 68.75(-0.12%) as dollar index gains and currency is loosen up.
We expect markets to be Neutral to Negative there is continuous FII selling and there is negative flows in high valuation stocks.
Important Close Level is 11550/720
Stock of the Day :
Mindtree Ltd. - SELL - Stop Loss 760/767 & Target 735/717/707
(IMP : Do not trade if opens at Stop loss/Target levels)
Margins and profitability have reduced and attrition rate has spiked due to change in promoters. There are hardly any deal wins by the company in the quarter and number of downgrades.
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.