Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia are negative as the Trade talks rally takes a breather . The oil prices are at $62.21/bbl(0.83%) Qatar is moving out of OPEC+ as it smaller producer it does not impact much and Colombia is reported to join OPEC .Venezuela production is reported to be 1mn b/d or less in Dec which creates more supply issue. USDINR at 70.50 (0.03%) as Crude moved up and GDP numbers were lower than expected. In addition China has refused to trade with India in non USD currency.
We expect today to be Neutral to Negative, Crude is up and Rupee is down in the anticipation of all BJP sweep in 3 out of 5 states markets have kept a positive or neutral stance.
Important Day Close Level is 10685/10858
Stock of the Day :
Chambal Fertilisers & Chemicals Ltd. - Stop Loss 151/146 & Target - 161/167/ 172
FY19 Budget had announced Rs. 70,000 cr fertilisers subsidy out of that Rs. 30,000 cr is balance . Out of this Rs. 25,000 cr is to be paid this month and remaining next month according to reports.
We would be positive 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.