Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia Indices are positive as China delegation communicates that talks were constructive. The oil prices are at $65.08/bbl(0.70%) as Saudi officials believe that it will take months to repair . USDINR at 71.08(0.00%) as FII selling reverses a bit and impact of tax reform.
We expect markets to be Neutral to Positive as tax reform as open EPS upgrade possibility and FII short covering.
Important Close Level is 11157/11450
Stock of the Day :
Indian Hotels Ltd. - BUY - Stop Loss - 145 & Target - 154/157
(IMP : Do not trade if opens at Stop loss/Target levels)
GST rate cut for hotel rates in addition to corporate tax cut will give big boost to the company and help in expansion plan and demand.
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.