Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia Indices are positive USA President on a Channel appearance mentioned that he will meet XI at G20 and FED needs to do a rate cut .The oil prices are at $62.38/bbl(0.23%) as Russia is the only country without firm stand on further cuts. USDINR at 69.47(-0.06%) crude soften and FIIs turned slightly buyers.
We expect markets to be Neutral to Positive as government focus is on quick movement to address the economy.
Important Close Level is 11770/11940
Stock of the Day :
Sterlite Technologies Ltd. - BUY - Stop Loss 168.5/166 & Target 178/183.5
(IMP : Do not trade if opens at Stop loss/Target levels)
Company has filed with exchanges that the promoters have released all the pledge shares which was 52.15% of the company and 90% of promoter holding which was used to fund Volcano Investments. This would come as positive news and can see a bounce on intraday basis but the in medium and long term business is facing a lot of challenges.
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.