Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia Indices are positive as G7 ended on positive note with US-China to restart talks .The oil prices are at $58.49/bbl(0.65%) & USDINR at 72.02(0.00%) as trade war subsides and crude is still low.
We expect markets to be Neutral to Positive as RBI has given excess capital along with FY 19 dividend total upto Rs.1.76 lk cr ( 1.25% of GDP ).
Important Close Level is 10677/11257
Stock of the Day :
Mahindra & Mahindra Financial Services Ltd. - BUY - Stop Loss - 323 & Target - 338/348/351
(IMP : Do not trade if opens at Stop loss/Target levels)
RBI has accepted to transfer Rs. 1.76 Lk Cr as FY 19 & Excess capital transfer . This accounts to 1.25% of GDP , such amount is hopefully used to support the current measures announced by the government. This would create bounce in beaten down NBFCs though fundamental view does not change.
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.