Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are negative as China blames USA for flip flop on trade talks and want equality in deal.The oil prices are at $60.23/bbl(-1.26%) due to various trade war escalation the growth of demand is estimated to be lower which we do not see in data. USDINR at 69.58(0.00%) lower crude and FII turned positive will benefit the currency strengthen.
We expect markets to be Neutral to Negative as GDP data came lower at 5.8% along with USA announcing removal of India from GSP benefits and large negative growth in automobile numbers along with 6.1% unemployment rate.
Important Close Level is 11575/12035
Stock of the Day :
Escorts Ltd. - SELL - Stop Loss 603/606 & Target 585/572/565
(IMP : Do not trade if opens at Stop loss/Target levels)
Company sold 6,827 tractors in May 2019 compared to 8,325 in May 2018 with de-growth of 18%. Domestics sales were down 19.8% which might slight further as the pre-monsoon has been second worst in past sixty five years. Government has also limited options in short term to create demand.
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 UPSIDE WITH FIIs BUYING AROUND 55,000-60,000cr DURING SIX MONTHS POST ELECTION WHICH WOULD BRING BIG UPSIDE IN MIDCAPS TOO. REDUCE CASH ALLOCATION TO 25%.
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.