Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are flat to negative as South Korea export data shows the global growth stress.The oil prices are at $60.11/bbl(0.00%) as OPEC compliance in July was at 159% compared to 136% in June . USDINR at 71.55(0.00%) as crude prices spike and FII selling (Equity + Debt) continues.
We expect markets to be Neutral to Negative as announcement of any stimulus gets delayed.
Important Close Level is 10677/11257
Stock of the Day :
United Spirits Ltd. - BUY - Stop Loss 568 & Target 590/603
(IMP : Do not trade if opens at Stop loss/Target levels)
Diageo purchased 33,10,515 shares (0.46%) at cost of Rs. 591 per share increasing total holding to 55.24%. This is positive as it further strengthens the promoters commitment to value in the company and country.
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.