Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are negative as FED cuts only 25bps with commentary that rate hikes are not off table.The oil prices are at $64.36/bbl(-1.07%) FED cuts 25 bps and USA Inventories are lower than estimated which supported the downside . USDINR at 69.23(0.54%) as Dollar index spikes on rate decision.
We expect markets to be Neutral to Negative as the FII selling returns on index and cash levels.
Important Close Level is 10920/11257
Stock of the Day :
Ashok Leyland Ltd. - BUY - Stop Loss 67.5/66 & Target 71.2/74.2/75
(IMP : Do not trade if opens at Stop loss/Target levels)
Results were mixed as revenues missed but the margins were beat on change in accounting standard and raw material being lower. Though we are negative on short and medium term there might be bounce on short covering 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.