Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia Indices are slight negative on China commentary that it is ok if Trade War tension is to increase .The oil prices are at $61.42/bbl(-1.03%) Trade War tension is stable post China commentary. USDINR at 69.67(0.38%) as crude softens but there are some concern with populist budget and growth numbers.
We expect markets to be Neutral to Positive as the optimism around policy implementation is intact and monsoon spread through South & West parts of country.
Important Close Level is 11840/11985
Stock of the Day :
Reliance Capital Ltd. - SELL - Stop Loss 95.5/97 & Target 90/88
(IMP : Do not trade if opens at Stop loss/Target levels)
PWC has resigned as the statutory auditor as it has noted certain observations which if not resolved would lead to impact on financials. It did not receive satisfactory response to the observations and the responsibilities of auditor were not released in proper manner which led to resignation.
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.