Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are negative as Friday talks ended with no further talk schedule and China revealed the three major points of difference.The oil prices are at $70.65/bbl(-0.21%) as Middle East crisis brew higher and USDINR at 70.00(0.10%) as crude remains near $70/bbl and FII selling puts pressure.
We expect markets to be Neutral to Negative as FIIs selling continues and global sell off extents with uncertain outcome of Indian Elections.
Important Day Close Level is 11168/11570
Stock of the Day :
Wockhardt Ltd. - Stop Loss 383/388 & Target 370/365
44 USA States filed lawsuit against 20 pharma companies in USA on charges of inflating drug prices on Friday . There are 8 Indian pharma companies of which one is Wockhardt.
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 DOWNSIDE WITH GLOBAL MARKETS ALONG WITH ELECTIONS RESULTS CLOSE AND WE HAVE BOOKED SOME MORE PROFITS AND INCREASED CASH POSITION TO 45% FROM 40%.
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.