Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia Indices are positive as timeline for next round and summit of US-China Deal by June first week.The oil prices are at $72.93/bbl(1.43%) asUS will announce no further waivers on Iran Oil and USDINR at 69.37(-0.03%) as crude spikes the currency will see downside.
We expect markets to be Neutral to Positive as Phase II voter turnout was lower than previous time.
Important Day Close Level is 11570/11770
Stock of the Day :
IOC Ltd. - Stop Loss 159/161 & Target 152/148
Spike in crude prices due to no waiver on Iran oil likely to be announced today by USA. This will hurt Indian Oil importer specially IOC ltd. as it was major iran oil importer. Second grounding of Jet airways will reduce the sales of ATF till the replacement of revival is done.
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 SEE SOME UPSIDE WITH GLOBAL MARKETS AND WE HAVE BOOKED SOME PROFITS AND INCREASED CASH POSITION TO 30%.
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.