Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are mixed .The oil prices are at $67.03bbl(0.31%) and USDINR at 68.78(-0.19%) as Forex swap window approaches today.
We expect markets to be Neutral to Negative as Inversion of yield will lead to algorithm selling for few days and result in profit booking for DII as year end approaches with Forex Swap window for today will decide the future movement of USDINR.
Important Day Close Level is 11070/11589
Stock of the Day :
Jet Airways Ltd. - Stop Loss 243/236 & Target 265/278
Board meeting resulted in promoters and one of Etihad nominee resigning. The outcome was to allocate 11.4cr shares to lenders which would make for 50% stake in company and lenders will revamp the board and some part of management. They would also infuse Rs.1500cr debt funds to pay off salaries and address lessor issues. They have given two month timeline to exit such stake sale which will trigger open offer.
We would be positive 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.