Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia are positive and US showed some signs of ease of trade tensions. The oil prices are at $60.22/bbl(0.47%) Russia accepted that the market needs a cut but the extent of it is being negotiated earlier it was expected to cut 300k b/d but should be 166k b/d .USDINR at 69.67 (-0.06%) as US dollar index weakened on Fed statement and Overnight data of home sales came lower than estimated.
We expect today to be Neutral to Negative, There is hope of easing of trade tensions between US & China along with OPEC+ agreeing to cut we estimated that there would be profit booking today as over weekend G20 will take place.
Important Day Close Level is 10685/10858
Stock of the Day :
Repco Home Finance Ltd. - Stop Loss 351/360 & Target - 331/314/ New Low
RBI relaxed securitisation norms for loans upto 5 years which are mainly Auto Loans and consumer loans. Home finance does not benefit much from this change and one of the biggest investor has sold all the stake in company making it more vulnerable to volatile to moves.
We would be negative for intraday trade.
POSITIONAL NIFTY LEVEL :
ALERT : PREVIOUSLY NIFTY CLOSED ABOVE 1WEEK ,1DAY , 2 MIN AND 30 MIN SUPPORT WHICH INDICATES A SLIGHT REVERSAL. WE WOULD ADVISE TO INVEST 10-15% 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.