Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are up as US President announced that he will be willing to provide an interim deal to China and traders have mentioned that China has bought most soya since June. The oil prices are at $60.25/bbl(0.67%) as OPEC meeting does not discuss increase in quota & ECB announces rate cut along with new QE of Euro 20Bn every month . USDINR at 70.98(0.04%) as dollar index and crude slide.
We expect markets to be Neutral to Negative as ECB points at problems in Europe and de-escalation between US-China will reduce India prospects. FII selling without blocks continue and turned seller in derivatives.
Important Close Level is 10677/11257
Stock of the Day :
Bank of Baroda Ltd. - SELL - Stop Loss - 103.2 & Target - 97/95
(IMP : Do not trade if opens at Stop loss/Target levels)
Altico a NBFC involved in lending to real estate sector has defaulted even after having a 360 infusion done by its marquee investors. Total liabilities are Rs.8500cr of which Rs.4400 cr is bank loan mainly given by HDFC Bank, SBI , Yes Bank & BoB.
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.