Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are positive but was negative overnight as impeachment news took headlines but China is looking at more pork imports from USA. The oil prices are at $62.74/bbl(-0.57%) as Saudi is expected to recover faster and Global growth is dragging quickly . USDINR at 71.03 (0.00%) as FII turned sellers and crude is soft.
We expect markets to be Neutral to Negative as the bounce is that was supported by FII buying in derivative and cash is reversing that can be due to expiry or that the benefit of tax cuts is priced in.
Important Close Level is 11498/11811
Stock of the Day :
Indiabulls Housing Finance Ltd. - SELL - Stop Loss - 450 & Target - 417/395
(IMP : Do not trade if opens at Stop loss/Target levels)
The rating of long term bonds has been downgraded on basis of liquidity squeeze and RBI still holding up its decision for merger with LVB that is putting extra strain of the financial and lending activities.
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.