Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are negative TradeWar has reached phase 2 which is currency war where USA has tagged China as currency manipulator .The oil prices are at $60.26/bbl(0.77%) as Global PMI is lower than estimate and Trade Tension accelerate . USDINR at 70.95(1.75%) as crude prices remain flat but Internal tensions along FII outflow rise.
We expect markets to be Neutral to Negative as FII outflows increase and there is earnings downgrades through out sector.
Important Close Level is 10677/11257
Stock of the Day :
Torrent Power Ltd. - BUY - Stop Loss 280/278 & Target 290/295
(IMP : Do not trade if opens at Stop loss/Target levels)
Company results were better than estimated as gas based power generation was slightly lower but renewable power generation provided an upside to margins and profits along with MAT credit as well lowering Tax outgo.
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 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.