Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are mixed with positive bias as the trade talks are not picking up but FED is clear on rate cut and its benefit.The oil prices are at $66.43/bbl(0.47%) and USDINR at 68.43(0.05%) as RBI has bought $2.5 Bn reserves this second week of high value buying.
We expect markets to be Neutral to Negative as FM clears that there is no reconsideration of FPI surcharge and they want more information on structure and country of origin.
Important Close Level is 11445/640
Stock of the Day :
Ashok Leyland Ltd. - SELL - Stop Loss 86.5/88 & Target 83.5/81
(IMP : Do not trade if opens at Stop loss/Target levels)
Company will shut down it Pantnagar plant for 12 days from July 11-24 which is the largest production plant as CV sales are decreasing at fast pace and there is inventory build up.
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.