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Today's Market Influencer :


Today Movement - Neutral to Negative


US market Future Indices and Asia Indices are negative as USA announces 10% tariff on balance $300Bn goods imported from China post the return of the negotiating team.The oil prices are at $61.27/bbl(0.27%) as Trade War escalates and global negative yields increase . USDINR at 69.01(0.54%) as crude prices have a big cut.


We expect markets to be Neutral to Negative as Trade War escalations will add to the worries.

Important Close Level is 10863/11257


Stock of the Day :


Jindal Steel & Power Ltd. - SELL - Stop Loss 130/131 & Target 125/123/121

(IMP : Do not trade if opens at Stop loss/Target levels)


Company promoters are facing corruption allegation in Coal Scam . Even business is facing tougher environment as TradeWar escalates and hurt metal prices . Domestic Industrial activity and Automobile manufacturing is down which hurts the demand of steel.


We would be negative for intraday trade.



POSITIONAL NIFTY LEVEL :


NIFTY LEVELS






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 50%.


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.