Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia Indices are negative as USA has mentioned that it will deadline to Ban Huawei from Defence supply .The oil prices are at $60.03/bbl(0.59%) as USA inventories build up was higher than estimated and saw overnight low of $59.75/bbl. USDINR at 69.39(-0.38%) as crude softens and there was FII selling yesterday along with strong dollar index.
We expect markets to be Neutral to Positive as crude is almost below $60/bbl which benefits consumption countries and government is preparing 100 day plan which would include last mile roads in villages.
Important Close Level is 11840/11985
Stock of the Day :
Mangalore Chemical & Fertilizers Ltd. - BUY - Stop Loss 38.1/37.6 & Target 40.85/42.75
(IMP : Do not trade if opens at Stop loss/Target levels)
Company has restarted production of Ammonia & Urea as the water availability has returned and monsoon is predicted to be normal. The plant was shut on 14th May 2019 due to water shortage and during that period company had to face sales issue as sowing season is going on.
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.