Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices are not working and CME is aware of it. Asia Indices are positive, USA President will be meeting Kim on Today Evening and expected to announce Korean War end .The oil prices are at $65.69/bbl0.50%) as OPEC announces that it will stick to output deal. USDINR at 71.09(0.11%) as crude prices fell it touched overnight high of 70.95 which might come during day.
We expect markets to be Neutral to Positive as FIIs are buying positive the events taken place recently which increases odds to 70% of same government returning post elections from low of 50% in December.
Important Day Close Level is 10589/10956
Stock of the Day :
Max Financial Services Ltd. - Stop Loss 414/426 & Target 376/362
True North has acquired 51% in Max Bupa Insurance buying out Max group stake for Rs. 510 cr valuing companying at Rs.1000cr. This is low valuation at which the deal has taken place as lower growth compared to peer and margins are negative. We see this as negative for the group as it has invested more than the amount sold for.
We would be negative for intraday trade.
POSITIONAL NIFTY LEVEL :
ALERT : PREVIOUSLY NIFTY CLOSED NEAR ALL IMPORTANT LEVELS INDICATING THERE WAS NO CLEAR SIGN OR BREAKING THE RANGE . WE SEE SOME UPSIDE WITH GLOBAL MARKETS AND WE HAVE STARTED INVESTED SOME CASH WHICH IS AT 20% LEVEL AS OF NOW.
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.