Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are neutral to negative as there is hope of Chinese visit becoming positive for trade talks the impeachment is picking up pace. The oil prices are at $59.7/bbl(0.76%) as OPEC production fell to 2011 low but Saudi has restored the output levels as per OPEC . USDINR at 70.66(0.03%) as crude softens and borrowing will be only in rupee presently.
We expect markets to be Neutral to Negative as FII is remaining but index level is still neutral.
Important Close Level is 11274/11588
Stock of the Day :
Tata Communication Ltd. - BUY - Stop Loss - 360 & Target - 394/420
(IMP : Do not trade if opens at Stop loss/Target levels)
Rakesh Jhunjunwala has bought in 0.69% from Amansa Holding . The company has hived off its land parcel into another company. In June 2019 , reported revenue growth of 6% that was best 13 quarters and EBITDA was best of 17 quarters.
We would be positive 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.