Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are mixed as China is readying some buying of USA Agri products but Japan and South Korea trade war impacting export data .The oil prices are at $63.12/bbl(0.42%) is stable as there is escalation on Iran tensions and data is weak. USDINR at 68.86(0.00%) as crude and dollar index are stable.
We expect markets to be Neutral to Negative there is continuous FII selling and certain stocks are facing new pressure as they liquidate even the illiquid stocks.
Important Close Level is 11257/500
Stock of the Day :
SpiceJet Ltd. - BUY - Stop Loss 139/137 & Target 149/153
(IMP : Do not trade if opens at Stop loss/Target levels)
The company showed highest market share inn last five years since new promoter took seat of 15.6% in June 2019. And the passenger growth is also at 3 years high at 38%. This along with good results from Interglobe we believe will have positive impact on the company today.
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. INCREASE CASH ALLOCATION TO 35%.
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.