Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia Indices are flat as all the stocks rallied yesterday post FED and US-China optimism.The oil prices are at $64.85/bbl(0.53%) as Trade talks are more positive and Iran -US tensions rise over attack. USDINR at 69.79(0.40%) as crude rises and dollar index is stable with some conflict premium.
We expect markets to be Neutral to Positive as DII became big buyers after long and there might further rally going into first GST Council meeting.
Important Close Level is 11737/11920
Stock of the Day :
HPCL Ltd. - BUY - Stop Loss 295/297 & Target 288/283
(IMP : Do not trade if opens at Stop loss/Target levels)
Iran and USA tension has increased post drone attack video has been released and in addition US-China trade talks have added reasons to the bull as the crude is near $65/bbl with large USA Inventory draw. This puts further pressure on OMCs with lower refinery margins.
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.