Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia are positive with positive close of more than 2% of US markets last night , this was due statement by Fed Chairman on indicating shift to a neutral stance. The oil prices are at $59.33/bbl(0.41%) this is due US EIA inventories showing a build of 3.5mn barrels instead of API estimate of -3.5mn . The build is mainly due to extra import refineries doing to build cheap inventory. USDINR at 70.15 (-0.34%) as crude prices reduced and US dollar index weakened on Fed statement.
We expect today to be Neutral to Positive, as Crude has come off again on the EIA build and Fed indicating a change in stance which is not assured. In addition there is big hope of resolutions coming from G20 meetings.
Important Day Close Level is 10685/10858
Stock of the Day :
Shankara Building Ltd. - Stop Loss 662/650 & Up Level - 676/695/713
Analyst Con call is scheduled for tomorrow which will have detail of business strategy update and any changes. Yesterday an Indian FII has bought in more than 1% of the company from open market.
We would be positive for intraday trade.
POSITIONAL NIFTY LEVEL :
ALERT : PREVIOUSLY NIFTY CLOSED BELOW 1WEEK ,1DAY BUT CLOSE TO 2 MIN AND 30 MIN SUPPORT WHICH INDICATES A SLIGHT REVERSAL. BUT WE BELIEVE CLOSE OF BELOW 10027 WILL BRING NEW LEVEL OF SHORT AND CAN EXTEND THE FALL. WE WOULD ADVISE TO INVEST 5-8% OF CASH LEVELS HERE IN ADVISED PORTFOLIO.
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.