Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are up on prospective trade talks in October and China service PMI better than estimated. The oil prices are at $60.87/bbl(0.28%) as China PMI service data comes better & trade talks likely to restart . USDINR at 71.97(0.00%) as dollar index reduces a bit.
We expect markets to be Neutral to Negative as FII cash selling continues and real data numbers are drag.
Important Close Level is 10677/11257
Stock of the Day :
Equitas Holding Ltd. - SELL - Stop Loss - 113 & Target - 106/103
(IMP : Do not trade if opens at Stop loss/Target levels)
The company has asked for extension of deadline to list the small finance bank from RBI. This would be unlikely as the recent change was related to full dilution not the mandatory listing of the SFB.
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.