Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia Indices are positive as USA is looking forward to positive trade outcome. The oil prices are at $64.52/bbl(-0.39%) as Saudi sources told Reuters that 80% capacity is back by next week will be fully operational . USDINR at 70.80(0.00%) as FII turned buyers and crude has been stabilise.
We expect markets to be Neutral to Positive as FII turns buyers but only in large companies driving NIFTY.
Important Close Level is 11498/11811
Stock of the Day :
Aurbindo Pharma Ltd. - SELL - Stop Loss - 637 & Target - 590/570
(IMP : Do not trade if opens at Stop loss/Target levels)
SEBI has passed an order imposing a Rs.22cr fine against company company and promoters with allegations of insider trading for period of July 2008 to March 2009.
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 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.