Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are down as the worlds largest crude processing facility gets attacked. The oil prices are at $67.45/bbl(12.14%) as Saudi Aramco facility Abqaiq is closed loosing around 5.7mn b/d which 6% of world supply and only 1/3rd is hoped to be restored quickly rest might take weeks. USDINR at 70.98(0.04%) as crude spikes highest inn 11 years there is a risk & FII continues to be sellers.
We expect markets to be Neutral to Negative as global oil supply hits and being consumers we are exposed so is the currency.
Important Close Level is 10677/11257
Stock of the Day :
Infosys Ltd. - BUY - Stop Loss - 805 & Target - 840/850
(IMP : Do not trade if opens at Stop loss/Target levels)
Given the crude spike due to Saudi facility issue there will be large movement in USDINR as well which would favour IT and we expect a bounce as risk off trade comes back to the markets.
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.