Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia Indices are negative as Secretary Treasury in his testimony communicated that there is no visit to China scheduled and G20 meeting of the heads is also not decided on along with Debt limit coming in late summer .The oil prices are at $68.62/bbl(1.28%) there was big drop in last two days given the trade war escalation might lead to demand fall which is speculative as of now and USDINR at 69.68(0.01%) has been stable even post such big fall in crude and strong mandate government return.
We expect markets to be Neutral to Positive as Results show big victory for the ruling party achieving majority on its own. This would give continuity to the policies and work. Next even is RBI policy where a further rate cut of 25 bps might be getting factored.
Important Day Close Level is 11575/11840
Stock of the Day :
Bharat Petroleum Corporation Ltd. - Stop Loss 376/370 & Target 391/405
Elections results are out so is the overhang of OMCs not passing on the full price hikes . Last two days crude has fallen from $72/bbl to $68/bbl given speculation of trade deal not progressing which would impact the demand. Though we feel demand would remain strong but this crude fall will be very positive for OMCs.
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 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.