Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are negative as little progress is made in trade talks and Hong Kong protest is hitting the economy.The oil prices are at $58.39/bbl(-0.39%) there is bounce from levels of $57/bbl as OPEC compliance is higher than estimated . USDINR at 71.28(0.00%) as crude bounces from low and geopolitical risk rises.
We expect markets to be Neutral to Negative as FII meeting with FinMin was more of one way communication with no indication of the movement to relief.
Important Close Level is 10677/11257
Stock of the Day :
Vedanta Ltd. - SELL - Stop Loss 143.5/145.5 & Target 136/134/131
(IMP : Do not trade if opens at Stop loss/Target levels)
After pledging to invest in Anglo-America Plc ,Volcano Investment ( Promoter Trust ) filed an EoI for Jet Airways which was taken back by the promoters within 24 hrs of disclosure of the EoI closure. This is second time where other business risk from promoter might have passed on to company.
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.