Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are negative China and USA give no further updates on next round of talks .The oil prices are at $72.2/bbl(0.60%) as USA inventories came higher than estimated but Middle East tensions are keeping support. USDINR at 70.24(0.01%) as crude remains near $72/bbl and FII selling puts pressure more stronger.
We expect markets to be Neutral to Negative as FII selling continues there is pressure on an rally in addition Crude is also up due to Middle East tensions. There is slight risk of short covering today as for weekly expiry.
Important Day Close Level is 10983/11352
Stock of the Day :
Tata Global Beverages Ltd. - Stop Loss 202/204 & Target 196/193
The company will house all of its consumer products for the group which is positive but there dilution for such transaction is high and the technology for manufacturing the same does not get transferred. There future products might be good opportunity but the current portfolio is highly competitive with low margins.
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.