Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are negative as there is further news on China trade talk as the optimism is at high. The oil prices are at $62.16/bbl(-0.27%) as Saudi claim that 90% of damaged capacity is back but production is still low . USDINR at 71.14 (-0.26%) as dollar index as spiked due to better data release.
We expect markets to be Neutral to Negative as FII selling is expected to resume post expiry.
Important Close Level is 11274/11588
Stock of the Day :
Indiabulls Housing Finance Ltd. - SELL - Stop Loss - 430 & Target - 400/393
(IMP : Do not trade if opens at Stop loss/Target levels)
Company gets removed from NIFTY so might have index flow selling and LVB directors have been charged for cheating and criminal activities where the company was looking for merger with the bank . This further puts pressure on the approval not going through and NBFC facing further liquidity issue and big downgrades.
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.