Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are negative as USA announces 10% tariff on balance $300Bn goods imported from China post the return of the negotiating team.The oil prices are at $61.27/bbl(0.27%) as Trade War escalates and global negative yields increase . USDINR at 69.01(0.54%) as crude prices have a big cut.
We expect markets to be Neutral to Negative as Trade War escalations will add to the worries.
Important Close Level is 10863/11257
Stock of the Day :
Jindal Steel & Power Ltd. - SELL - Stop Loss 130/131 & Target 125/123/121
(IMP : Do not trade if opens at Stop loss/Target levels)
Company promoters are facing corruption allegation in Coal Scam . Even business is facing tougher environment as TradeWar escalates and hurt metal prices . Domestic Industrial activity and Automobile manufacturing is down which hurts the demand of steel.
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. INCREASE CASH ALLOCATION TO 50%.
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.