Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are negative as USA Security Sec. mentioned that there would be a deal post 2020 election.The oil prices are at $60.28/bbl(-0.02%) as Saudi production is said to be lower than previous month. USDINR at 71.44(0.00%) as FOMC minutes cooled off Dollar rally.
We expect markets to be Neutral to Negative as FII selling restarts with bigger number and any announcement is still pending.
Important Close Level is 10677/11257
Stock of the Day :
LIC Housing Finance Ltd. - BUY - Stop Loss - 4% from where deal happens & Target 478/493
(IMP : Do not trade if opens at Stop loss/Target levels)
Fidelity is selling its 6.7% in the company which is worth Rs. 1400cr this might happen at 3-9% of discount to last close which would be in range of Rs.421-450/share . Company fundamentals are better than most peers and we see a jump post deal as it is a big absorption similar to MGL and other recent deals.
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.