Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are negative as trade war from Friday close escalated two levels.The oil prices are at $58.21/bbl(-1.00%) & USDINR at 71.51(0.00%) as trade war escalates and global growth is in question.
We expect markets to be Neutral to Negative as measures get announced to boos the economy which are very passive and global triggers are bad.
Important Close Level is 10677/11257
Stock of the Day :
Ashok Leyland Ltd. - BUY - Stop Loss - 58 & Target - 64/66
(IMP : Do not trade if opens at Stop loss/Target levels)
Increase in depreciation till March 2020 to 30% might help push CV sales which are bought by companies. This might help a bounce in the stock price.
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.