Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are flat to slight positive as there is no further escalation of trade tensions but USA ISM mauf. index came at 49.4 which is first contraction in three years.The oil prices are at $58.43/bbl(0.26%) as USA & China data is lower than estimated & USDINR at 72.17(0.00%) as FII selling continues with weak data.
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 :
Balkrishna Industries Ltd. - SELL - Stop Loss - 745 & Target - 719/704/695
(IMP : Do not trade if opens at Stop loss/Target levels)
Company is biggest customer is Caterpillar vehicles which are showing contraction and we believe the global construction is facing slowdown which would impact sales. Morgan Stanley has also initiated coverage with 595 Tgt.
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.