Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are flat as US & China tariff takes effect on 1st Sept.The oil prices are at $58.73/bbl(0.12%) as OPEC production increased slightly in August & USDINR at 71.97(0.00%) as GDP falls to 5% and FII continue to sell
We expect markets to be Neutral to Negative as GDP & auto numbers fall to new low.
Important Close Level is 10677/11257
Stock of the Day :
Indiabulls Housing Ltd. - SELL - Stop Loss - 470 & Target - 441/420
(IMP : Do not trade if opens at Stop loss/Target levels)
ICRA downgraded 1.37 lk cr worth debt by one level & mentioned if LVB merger takes place there will be scope of bigger downgrade.
We would be negative 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.