Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are negative as trade war results in nnno particular meeting date set for teams to talk further.The oil prices are at $59.55/bbl(-0.52%) with overnight high of $60/bbl plus as USA Inventories came at -10.1 Mn vs estimate of -2.21Mn & USDINR at 71.83(0.00%) as crude spiked and Govt. measures rally finished.
We expect markets to be Neutral to Negative as the relief rally and short covering for the August month have finished and resume FII selling.
Important Close Level is 10677/11257
Stock of the Day :
Piramal Enterprise Ltd. - SELL - Stop Loss - 1940 & Target - 1850/1803
(IMP : Do not trade if opens at Stop loss/Target levels)
Company has deferred its plan to raise Rs. 3000 cr via NCD which was announced on 23rd August . This is negative as there would have been an assessment of response if launched and as it would have come out negative the issue has been deferred. Liquidity is low for the company given concentrated exposure to developers which are in trouble.
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.