Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia are positive and US closed in positive as China is reviewing the Auto Tariff hiked. The oil prices are at $60.78/bbl(0.45%) the API data released shows a draw of 10.8 Mn barrels and USDINR at 72.16(-0.22%) New RBI Governor has been announced which will be positive for rupee & bonds.
We expect markets to be Neutral to Negative as state elections have resulted in loss of BJP big states which will be overhang for FII and Domestic SIP investors. New RBI Governor has been announced and how he will perform along with Govt. urgencies will need to be seen.
Important Day Close Level is 10425/10595
Stock of the Day :
MCX Ltd. - Stop Loss 685/677 & Target - 705/717
SEBI is to meet for discussion on whether to allow MFs ( Mutual Funds ) & PMS ( Portfolio Management Services) to invest in commodities derivatives. This is important as it helps expand the addressable market and increase the volume scope.
We would be positive for intraday trade.
POSITIONAL NIFTY LEVEL :
ALERT : PREVIOUSLY NIFTY CLOSED BELOW 30 MIN , 1 DAY & 1 WEEK BUT ABOVE 2MIN . AS IT BREACHES 1 WEEK ON CLOSE THEN WE CAN GO 10,500 AND AGAIN TURN NEGATIVE. WE WILL KEEP OUR CASH POSITIONS STABLE NOW AFTER LOWERING BY 10-15%.
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.