Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia are negative and US markets closed with -2% above as CTA Funds selling was triggered selling worth $35Bn in few minutes . The oil prices are at $61.30/bbl(-1.26%) Saudi played down the talks and did not confirm any volume or agreement. USDINR at 70.70(0.08%) as Crude moved up and GDP numbers were lower than expected.
We expect today to be Neutral to Negative, Crude is flat 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 :
JK Papers Ltd. - Stop Loss 162/159 & Target - 170/175/ 181
Govt. has notified antidumping duty on photocopy paper for three years which would benefit the company as photocopy revenue is estimated at 20-30% of revenues and margin would be able to improve.
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.