Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia Indices are positive as Mexico deal is reached and tariff imposition is postponed indefinitely along with US Treasury having a positive discussion with PBOC head.The oil prices are at $63.44/bbl(0.23%) as tariff hike postpones and China deal optimism comes back. USDINR at 69.35(-0.05%) reversal in crude prices and FII selling is limited due to RBI policy rate cut and dovish stance.
We expect markets to be Neutral to Positive as RBI releases new NPA circular which is balanced and is positive towards Banks.
Important Close Level is 11770/11940
Stock of the Day :
State Bank of India - BUY - Stop Loss 336/334 & Target 347/354
(IMP : Do not trade if opens at Stop loss/Target levels)
As per news reports the bank shifts to repo rate link home loans from July 1 this will lead to instant transmission and bring the standards to global level. RBI also released new stressed asset resolution circular which gives banks more power and flexibility in resolution which can speed up the solution.
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 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.