Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are neutral to negative as the trade tensions soared a bit over weekend as USA might be blocking Chinese companies listing in USA. The oil prices are at $61.16/bbl(-0.27%) as global growth data comes in weaker especially in Europe . USDINR at 70.51 (0.00%) as crude softens and fiscal worries eases but India might ask RBI for interim dividend in January.
We expect markets to be Neutral to Negative as FII selling resumes on smaller amount and divestment might be step by step process.
Important Close Level is 11274/11588
Stock of the Day :
Indiabulls Housing Finance Ltd. - SELL - Stop Loss - 413 & Target - 375/365
(IMP : Do not trade if opens at Stop loss/Target levels)
LVB has been put under PCA by RBI that really puts merger in big uncertainty and Indiabulls housing in a very tight liquidity issue in short and medium term.
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.