Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia Indices are positive as there is some reversal in risk off trade and Yuan is to be controlled .The oil prices are at $57.42/bbl(-0.50%) as the expected demand slowdown and even Saudi announcing lower output is not supporting the price . USDINR at 70.47(0.09%) as crude softens and FII selling reducing on pending meeting with FinMin.
We expect markets to be Neutral to Positive as Industry meetings along with FII meeting has put optimism of stimulus.
Important Close Level is 10677/11257
Stock of the Day :
Mahanagar Gas Ltd. - BUY - Stop Loss 809/795 & Target 835/842/849
(IMP : Do not trade if opens at Stop loss/Target levels)
Results showed a revenue growth of 5% to Rs.831cr and 28% PAT growth to Rs.170cr. Volumes were stable and expenses were reduced on back of cheaper natural gas.
We would be positive 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.