Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia are mixed and US closed in negative with below 2600 level on S&P again mentioning 2567 is important level. The oil prices are at $60.17/bbl(-0.22%) Russia expected to cut lower in Jan than expected and USDINR at 71.92(-0.08%) dollar index gained and breached 2018 high.
We expect markets to be Neutral to Negative as dollar index increased and OMCS have started price hike again. There is instructions from Govt. to ministries on not to to hold back on spending but the Food Inflation is main issue as the farmers are not able to get even regular prices.
Important Day Close Level is 10595/10782
Stock of the Day :
NTPC Ltd. - Stop Loss 141/139 & Target - 146/149/152
Company acquired a 720 MW power station from Bihar State Power Generation Co. Ltd. which was under stress. As we believe power stress assets will be biggest target of NTPC expansion as the new capacity will slow down.
We would be positive for intraday trade.
POSITIONAL NIFTY LEVEL :
ALERT : PREVIOUSLY NIFTY CLOSED ABOVE ALL LEVELS AND IT IS SHOWING MOMENTUM BUT WE WILL BE CAUTIOUS AS THE RALLY IS BEEN LIFTED BY HOPE THAN ANYTHING ELSE. WE WILL BE STAYING INVESTED AND MIGHT PULL OUT SOME LAST INVESTED AMOUNT AT 10950/11000 UNLESS WE SEE DRASTIC CHANGE IN POLICY.
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.