Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are positive as there is trade talk due next week with China delegation coming to USA. The oil prices are at $64.95/bbl(0.31%) as Sources reported to media that there is 20 mn barrel which is requested from Iraq by Saudi to fulfil customer demand. USDINR at 71.38(0.00%) as crude spikes and FII continue to sell.
We expect markets to be Neutral to Negative as FII continues and DII only participate at given prices. There is risk of technical pullback as there is FM press conference in evening.
Important Close Level is 10677/11257
Stock of the Day :
Adani Enterprise Ltd. - BUY - Stop Loss - 136 & Target - 147/150
(IMP : Do not trade if opens at Stop loss/Target levels)
As per news reports there is speculative news that Qatar Fund is interested in buying 20-25% stake in Adani Transmission for Rs. 3,000-4,000cr that would help reduce debt burden and give better valuation to the firm. There would be bounce in all group related stocks.
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 DO NOT SEE ANY MAJOR UPSIDE OTHER THAN SOME RELIEF RALLY WHICH IS AT RISK NOW POST ARAMCO ATTACK. WE ADVISE A CASH ALLOCATION 50%-55%.
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.