Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are up as there is no trade escalation and US ISM data has come above estimate. The oil prices are at $60.98/bbl(0.40%) as USA ISM Manuf. data comes better & trade talks likely to restart . USDINR at 71.93(0.03%) as dollar index reduces a bit and crude spikes
We expect markets to be Neutral to Negative as there is no active measure announcement to arrest the fall.
Important Close Level is 10677/11257
Stock of the Day :
Indiabulls Housing Finance Ltd. - SELL - Stop Loss - 460 & Target - 429/390
(IMP : Do not trade if opens at Stop loss/Target levels)
PIL has been filed against the company alleging illegal money transactions by an advocate. This would again put pressure on the company especially when its seeking bank merger approval from RBI
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.