Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are negative as USA warns China against delaying the trade deal till elections of 2020.The oil prices are at $65.17/bbl(0.85%) as FOMC decision is due today and global slowdown crisis is increasing . USDINR at 68.84(-0.02%) as Equity outflows are shifting to debt inflows.
We expect markets to be Neutral to Negative as the FII selling gets aggressive.
Important Close Level is 10920/11257
Stock of the Day :
AXIS Bank Ltd. - SELL - Stop Loss 725/730 & Target 693/686/676
(IMP : Do not trade if opens at Stop loss/Target levels)
Results were below estimate and bank guided for lower loan growth. There were higher provisions and increase credit cost. New 8 accounts were identified are high risk which were not present last quarter.
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.