Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia are negative and US closed negative as China was blamed for the Hack (Marriot) and Govt. is close to shutdown as Trump rejected spending bill but late night $5Bn was cleared for wall till Feb 2019. The oil prices are at $55.06/bbl(1.31%) This is mainly due to unknown factor of country wide cut and Asia premium almost out and USDINR at 69.95(-0.24%) crude prices fall & dollar index being down is helping rationalise the currency.
We expect markets to be Neutral to Positive as Govt. announced 83,000cr package for PSU Banks at different levels which would be first level of stimulus to boost system liquidity before elections.
Important Day Close Level is 10864/10941
Stock of the Day :
Power Finance Corp Ltd. - Stop Loss 95/92 & Target - 102/107
PFC board has approved to buyout REC in full capacity and take over the management. This is important as this does not make it only financial transaction and removes the hurdle which Power Ministry mentioned.
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.