Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are positive as USA team is to meet China trade team next week and China is agreeing to buy additional Agriculture products as good sign .The oil prices are at $64.14/bbl(0.49%) has shown upside on Trade talks optimism . USDINR at 69.10(0.12%) as crude and dollar spikes.
We expect markets to be Neutral to Negative there is domestic issues with results underperforming and tax for April - June is due July 31st as Advance Tax.
Important Close Level is 11257/500
Stock of the Day :
NIIT Technology Ltd. - SELL - Stop Loss 1363/1378 & Target 1320/1305
(IMP : Do not trade if opens at Stop loss/Target levels)
Revenues declined to Rs.963cr vs Rs.972cr and profits as well declined to Rs. 87.6cr from Rs.105.5cr . Margins were impacted by wage hike and visa costs. Commentary was cautious on USA BFSI.
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. 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.