Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are down as there is no update on Aramco facility and USA is blaming Iran for the attack which might escalate further. The oil prices are at $68.22/bbl(-1.2%) as there is no official statement ,sources based news report that IPO might be delayed and restoring will take months. USDINR at 71.58(0.00%) as crude continues to move up & FII continues to be sellers in cash & derivatives.
We expect markets to be Neutral to Negative as global oil supply hits and being consumers with lowest SPR we are most exposed.
Important Close Level is 10677/11257
Stock of the Day :
Indiabulls Housing Finance Ltd. - SELL - Stop Loss - 450 & Target - 424/415
(IMP : Do not trade if opens at Stop loss/Target levels)
RBI has mentioned that the recent reports of mismanagement of funds and resignation of CEO has led to the regulator to scrutinise the companies independently and have barred them from any cross communication on any matter. This will be put big negative on merger and resulting in continuity issue at IBHF.
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 DO NOT SEE ANY MAJOR UPSIDE OTHER THAN SOME RELIEF RALLY WHICH IS AT RISK NOW POST ARAMCO ATTACK. WE ADVISE A CASH ALLOCATION 50%-55%.
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.