Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia Indices are positive as the hope of Trump-Xi meeting rises and FED hopes for dovish tone.The oil prices are at $62.29/bbl(0.35%) as Iran is identified as attacked for the two oil tankers by USA, Saudi & UK. USDINR at 69.78(-0.05%) as India plans to impose higher tariffs on 29 goods worth $220mn imported from USA.
We expect markets to be Neutral to Positive as India higher tariff imposition impacted on Friday close and Niti Ayog meeting cleared focus on agriculture.
Important Close Level is 11770/11860
Stock of the Day :
Chambal Fertilisers and Chemical Ltd. - BUY - Stop Loss 165/163 & Target 173/176
(IMP : Do not trade if opens at Stop loss/Target levels)
PM made clear at NITI AYOG meeting that Agriculture is the important focus of this tenure and to increase the procurement and export is best method to double income of farmers. This would provide good focus on Fertiliser companies.
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.