Today's Market Influencer :
Today Movement - Positive
US market Future Indices and Asia Indices are positive as on Saturday US-China decided to restart the trade talks and addition holding off any tariff hikes.The oil prices are at $65.81/bbl(2.29%) as Russia and Saudi have decided to extend the OPEC+ deal for 6 to 9 months with same quota. USDINR at 68.95(0.00%) currency will be volatile as Dollar index gains and crude prices as increases.
We expect markets to be Positive as Trade tensions reduces and optimism of a deal goes back on the table.
Important Close Level is 11746/906
Stock of the Day :
Indian Oil Corporation Ltd. - SELL - Stop Loss 158/159.5 & Target 152/149/147.5
(IMP : Do not trade if opens at Stop loss/Target levels)
Trade tensions reduced and talks to restart will give bulls better reasons to stay put in addition to Russia accepting extension of the OPEC deal which might be till 2020. Though the increase of cut is not decided yet. There has been cut in ATF & LPG prices which will drag down the revenue.
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.